The Central Bank of Nigeria (CBN) has provided further guidance to Deposit Money Banks (DMBs) on the operational changes to the foreign exchange market announced on June 14, 2023. The CBN highlighted some of the key points of the guidance as follows: 1. All visible and invisible transactions (medicals, school fees, BTA/PTA, airline, and other remittances) are eligible for the Investors’ and Exporters’ (I & E) window. 2. DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I…
Read MoreCBN LIFTS CASH DEPOSIT RESTRICTION ON DOMICILIARY ACCOUNT, ALLOWS $10K WITHDRAWALS DAILY
