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The Central Bank of Nigeria (CBN) has committed $500 million into the forex market. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday. Sidi-Ali reiterated the bank’s commitment to “settling all legitimate foreign exchange backlogs within a short time frame.” She also assured Nigerians that…
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Banks ignore CBN’s directive on domiciliary accounts Exchange rates converge around N770/$ The Central Bank of Nigeria, CBN, directive that banks should grant their customers unfettered withdrawal of foreign currencies from domiciliary accounts appears to have been ignored, Vanguard reports. This is as Nigeria’s foreign exchange market has recorded a drastic change following the market…