CBN issues fresh guidelines for foreign currency deposit

Published

3 months ago

June 29, 2024

The Central Bank of Nigeria (CBN) has issued fresh guidelines to Deposit Money Banks (DMBs) on the deposit of foreign currency notes with the apex bank.

It directed DMBs must notify the apex bank in writing of its intention to make such deposits, at least three working days before such a deposit is made.

Such foreign currency deposits can only be made at the CBN branches at Abuja and Lagos.

It further directed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily.

The CBN said that smaller denominations of $ 20 notes and belows would be at a maximum of $1 million daily.

British Pound and Euro were also pegged at GBP 1 million and Euro 1 Million per day per DMB.

According to the circular, each denominations would be in separate boxes and two representatives of a DMB wanting to make.deposits must be present to witness the counting and confirm the amount.

It added that only CBN-registered CIT companies for deposit of foreign currency notes would be allowed to representative the DMBs in the exercise.

CBN directed that the deposits would take place between 8.00 am and 12 noon and that the selected branches must confirm the deposits same day.

Handling charge, it said would be at 0.30 percent and would be received from the Current Accounts of DMBs with the CBN.

The bank said that the new guidelines supersede the June 17, 2017 circular referenced: COD/DIR/GEN/CMF/11/094.

SEE NAIRA Rates Against The USD, GBP, EURO Today September 20, 2024

Published

1 hour ago

September 20, 2024

Naijablitznews

By Mario Deepromoter

The USD was traded at ₦ at the beginning of this September on Monday, September 2, 2024. As at today with USD being traded at ₦1,665 we see a % for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1665 1657
Pounds to Naira 2227 2200
Euro to Naira 1839 1815
Canadian Dollar to Naira 1221 1213
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF)

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Economy

SEC wants govt agencies to list on NGX

Published

8 hours ago

September 20, 2024

Kayode Sanni-Arewa

The Securities and Exchange Commission (SEC) says it will encourage government agencies and state owned enterprises to list on the Nigerian Exchange Ltd. (NGX).

Dr Emomotimi Agama, the Director-General (D-G) of SEC in an interview with newsmen in Abuja on Thursday, said the listing of the companies on the NGX would guarantee democratisation of their operations.

Agama said the listing would also guarantee inclusiveness and wealth creation for citizens.

He said the Commission would provide incentives that would encourage as much state owned enterprises to list.

According to him, inclusivity is very critical, because in it, you have ownership and so we all build our industries and the country together.

The D-G said the SEC was also working towards inclusion via technology, adding that the use of technology would make the capital market more attractive, especially to the younger generation.

“That is why we encourage apps, we encourage fintech tools, and that is why we supported the inauguration of the electronic offering platform at the Nigerian exchange.

”We encourage everyone who wants to participate and is qualified to participate in this process, to turn around the way people see investing.

“We want investors to have a beautiful experience, to make it so easy for them that each time they feel like investing, it brings happiness to them.

”We will continue to do that through encouragement of technology, through education,” Agama said.

He said the Commission would ensure that bottlenecks usually experienced in process of investing in the market were removed to rejuvenate the country’s capital market.

(NAN)

Economy

SEE Naira To Dollar Exchange Rate In Black Market Today – 19th September 2024

Published

1 day ago

September 19, 2024

Naijablitznews

By Mario Deepromoter

The Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Here’s the exchange rate for today, 18th September 2024, based on information from Bureau De Change (BDC) operators

How much is a dollar to naira today in the black market?

As of today, in Lagos Parallel Market (Black Market), the exchange rate for buying a dollar is N1655, while selling is at N1660 on Wednesday, 18th September 2024.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals to approach their banks for official Forex transactions.

### Dollar to Naira Black Market Rate Today:
– **Buying Rate**: N1655
– **Selling Rate**: N1660

### Dollar to Naira CBN Rate Today:
– **Buying Rate**: N1651
– **Selling Rate**: N1652

*Note*: These rates may vary slightly based on location and the specific Bureau De Change operator.

### CBN’s Outlook on External Reserves and Economy:

The Central Bank of Nigeria (CBN) has raised concerns over factors that may hinder the growth of Nigeria’s external reserves in 2024/2025. The removal of fuel subsidies, rising import costs, and increased debt servicing are cited as potential threats to the reserves.

This was detailed in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024/2025. Despite these challenges, the CBN projects overall economic growth for Nigeria, driven by policies supporting agriculture, oil sector reforms, and foreign exchange market adjustments.

“The outlook for Nigeria’s external sector in 2024/2025 is optimistic,” the CBN noted, with expectations of favorable trade terms due to higher oil prices and improved domestic production. However, the bank also highlighted risks such as lower oil revenues, increased import bills, and rising external debt obligations.