• CBN orders banks to sell 60% forex to manufacturers

    CBN orders banks to sell 60% forex to manufacturers

    The Central Bank of Nigeria (CBN) has ordered banks to sell not less than 60 per cent of foreign exchange (forex)  to manufacturers for importation of their raw materials, plants and machinery.

    This is contained in a circular by W D Gotring, the acting Director, Trade and Exchange Department, to all authorised dealers and the general public.

    The apex bank, in a circular entitled,  “Foreign exchange sales to end users”, lamented that “it has been noticed that negligible proportion of the foreign […]

  • CBN orders banks to stop requesting deposits before opening new accounts

    CBN orders banks to stop requesting deposits before opening new accounts

    The Central Bank of Nigeria (CBN) has said bank customers can now open accounts without deposits.

    The directive is contained in the Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2016/2017 guidelines posted by the CBN on its website.

    Commercial banks usually demanded between N1,000 to N5,000 for savings accounts and N10,000 and above for corporate accounts.

    The CBN said the new policy directive was in line with its commitment to encourage banks to improve their deposit mobilisation efforts while promoting […]