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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Mon May 05 2025 13:03:46 GMT+0000 (Coordinated Universal Time)
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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
• 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
• What are Orders and Positions in Forex Trading? - Currency Market Q and A - Online Buying and Selling of Currencies
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