Nigeria
Nigeria: CBN Requires Disclosure for FX Sales of $10,000+ to BDCs
The Central Bank of Nigeria (CBN) has issued a directive mandating sellers of foreign exchange (FX) to Bureau De Change (BDC) entities for ...
Nigeria
Nigeria: CPPE Advocates for CBN to Fix Customs Duty Exchange Rate at N1000/$
The Centre for the Promotion of Private Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to set the customs duty exchange ...
Nigeria
Nigeria: CBN Prohibits Commercial Banks and Others from Owning BDCs, Raises License Fee
In an effort to stabilize the naira exchange rate, the Central Bank of Nigeria (CBN) has introduced revised regulatory and supervisory guidelines for ...
Nigeria
Nigerian Government Implements Restrictions on Binance, Coinbase, Kraken, and Other Crypto Platforms
In response to a currency crisis and ongoing challenges with the local currency (Naira), the Nigerian government has taken measures to block access ...
Nigeria
Nigeria: CBN Proposes Increase in BDC Share Capital to Enhance Regulatory Framework
The Central Bank of Nigeria (CBN) is contemplating a significant increase in the share capital requirements for Bureau De Change (BDC) operators, proposing ...
News
Nigeria: CBN’s Nullification of $2.4 Billion Forward Contracts Deals a Blow to Manufacturing Sector
In a startling move that reverberated through Nigeria’s already fragile economy, the Central Bank of Nigeria (CBN) recently declared the invalidation of approximately ...
News
Nigeria: CBN Directs Customs to Use FX Closing Rate for Import Duty Assessment
The Central Bank of Nigeria (CBN) has issued a directive instructing the Nigeria Customs Service to apply the foreign exchange (FX) closing rate ...
Nigeria
Bureau De Change Operators in Nigeria to Implement Automation to Combat Street Trading
The Association of Bureau De’Change Operators of Nigeria (ABCON) has unveiled plans to introduce automation into its trading operations to combat the activities ...
Nigeria
Nigeria: CBN and ONSA Forge Alliance to Combat Illicit Activities in FX Market
The Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) have formed a strategic partnership to investigate and ...
Nigeria
Nigeria: CIBN Collaborates with Senate Committee to Discuss Proposed CIBN Act Bill
The Chartered Institute of Bankers of Nigeria (CIBN) recently engaged with the leadership and members of the Senate committee to discuss the passage ...
