NIGERIA — The Central Bank of Nigeria (CBN) has stopped international oil companies (IOCs) operating in Nigeria from immediately remitting 100% of their forex proceeds to their parent company abroad. This was disclosed in a circular signed by the apex bank’s Director of Trade and Exchange , Hassan Mahmud where it stated that the practice known as “cash polling” has an impact on liquidity in the domestic forex market... nairametrics.com
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Tue Jul 08 2025 08:19:02 GMT+0000 (Coordinated Universal Time)
• Central Bank of Nigeria has further raised its interest rate to 27.25 percent from 26.75 percent
• CBN begins the enforcement of cybercrime levy at 0.005 percent on all electronic transactions
• CBN directs all PoS providers to route transactions through an approved payment terminal
• CBN has given next-of-kins the authority to access funds in dormant accounts of their loved ones
• Central Bank of Nigeria has increased the benchmark lending rate to 26.75 per cent
• Central Bank of Nigeria has directed all Banks to deposit their excess foreign currency notes with its branches
CBN stops oil companies from remitting 100 percent forex proceeds to their parent company abroad
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Published (Updated) on Thursday, February 15, 2024
• Central Bank of Nigeria has further raised its interest rate to 27.25 percent from 26.75 percent
• CBN begins the enforcement of cybercrime levy at 0.005 percent on all electronic transactions
• CBN directs all PoS providers to route transactions through an approved payment terminal
• CBN has given next-of-kins the authority to access funds in dormant accounts of their loved ones
• Central Bank of Nigeria has increased the benchmark lending rate to 26.75 per cent
• Central Bank of Nigeria has directed all Banks to deposit their excess foreign currency notes with its branches
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