NEWS

CBN Moves to Criminalise Possession of Foreign Currency for more than 30 Days without Depositing it in the Bank | Offenders to Face 2 years Imprisonment or pay 20% of Amount Involved

In a document titled “Working Paper” shared to members of the Chartered Institute of Bankers of Nigeria (CIBN), the Central Bank of Nigeria (CBN) is seeking powers to amend the Foreign Exchange, Monitoring and Miscellaneous Exchange Act (FEMM) which was signed into law in 2014 and allows for foreign investors to import and repatriate money to and fro Nigeria freely. (more…)

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NEWS

Nigeria’s reserves fall by $92m in 24 hours

It is a new year, but the same old story of falling reserves has refused to go away, with the Nigerian forex stock falling by $91,571,740 in 24 hours. The $91.6 million fall in Nigeria’s reserves is about the biggest decline since the Central Bank of Nigeria (CBN) implemented the use of bank verification number (BVN) in forex trading. According to the latest figures from the CBN, the reserves closed year 2015 at $29,069,779,152 and opened in 2016 at $28,978,207,412, losing approximately $92 million in one trading day. (more…)

by kenneth 0