CBN Statement on Import Items Recently Classified As ‘Not Valid for Foreign Exchange’

(NIGERIA MOMENT). The CBN Statement: “The attention of the Central Bank of Nigeria has been drawn to the misunderstanding arising from of its circular in respect of import items recently classified as ‘Not Valid for Foreign Exchange’ in any of the segments of the Nigerian foreign exchange market. “The misconception has to do with the fact that some importers believe that they...

Nigeria Central Bank Said to See Naira Rout If Curbs Removed – Bloomberg

Nigeria's Central Bank Governor Godwin Emefiele. Photographer: Stringer/AFP via Getty Images
(NIGERIA MOMENT). Bloomberg - Nigeria’s central bank outlined concerns at a meeting with bankers last week that removing naira trading curbs may cause the currency of Africa’s biggest oil producer to tumble, a person who was at the meeting said. Governor Godwin Emefiele and other officials at the Central Bank of Nigeria said while they were in favor of boosting liquidity...

PROHIBITED: The Use of Foreign Currency As A Medium of Exchange in Nigeria

(NIGERIA MOMENT). CBN PRESS RELEASE The attention of the Bank has been drawn to the increasing use of foreign currencies in the domestic economy as a medium of payment for goods and services by individuals and corporates. It has also been observed that some institutions price their goods and services in foreign currencies and demand payments in foreign currencies rather than the...

UBA Establishes NRN Account for Non Resident Nigerians

 (NIGERIA MOMENT). The United Bank for Africa Plc, has launched a NRN Account for Non Resident Nigerians. This is to help you in savings for investment here in Nigeria. The requirements simple and straight forward and are listed below:-  2 recent passport photograph. Valid proof of identification (Any of International Passport, Drivers License). Proof of Address (Any of Utility Bill not exceeding last 2 months). Duly...