Connect with us

Hi, what are you looking for?

TVCE Articles

CBN lifts ban on deposit in foreign currency

Bundles of hundred dollar notesCommercial banks in Nigeria can now accept deposit in foreign currency once again as the Central Bank lifts the ban.

CBN governor Godwin Emefiele announced this on Monday in Abuja saying the lift of the forex restriction was to allow the banks build liquidity in FOREX and meet some of their demands.

He said the ban was necessitated by what he called dollarization of the economy by many Nigerians.

Advertisement

Emefiele says the bank will discontinue sale of foreign exchange to Bureau De Change operators as part of move to preserve the nation’s external reserves.

The apex bank boss said the BDCs operators are however allowed to source for forex from any other source that will not be contrary to the money laundering laws.

He said the apex bank could not contend with the enormous challenges and reduction of the external reserves.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Sports

In a thrilling race at Silverstone, Lewis Hamilton secured his first Formula 1 victory since December 2021, holding off Max Verstappen to claim a...

Sports

Manchester United have made significant progress in their pursuit of Bologna striker Joshua Zirkzee, reaching a broad agreement over payments relating to the player’s...

Entertainment

A hyena that had escaped from the Jos Wildlife Park in central Nigeria has been captured and returned to its enclosure. The hyena, which...

Entertainment

Despite battling the rare neurological disorder stiff-person syndrome, iconic singer Celine Dion has been offered the prestigious opportunity to perform at the opening ceremony...

Copyright © TVCCommuniation owner of TVC Entertainment