31/08/2016 – Naira Exchange Rate

 DollarsPoundsEuro
Buy/SellBuy/SellBuy/Sell
AM418/420525/540450/464
Mid418/420525/540450/464
PM-- / ---- / ---- / --
Official BDC and CBN exchange rate for Naira against Dollar, Pounds and Euro for 31/08/2016.

CBN Licenses 11 New International Money Transfer Operators

Full List CBN Licenses 11 New International Money Transfer Operators  : The Central Bank of Nigeria has licensed 11 new international money transfer operators in the country.

The Acting Director, Corporate Communications, Isaac Okorafor said in a statement on Tuesday, that the apex bank took the decision to ensure liquidity and make foreign exchange more readily available to low end users.

 

 

The newly licensed operators are;

TRANS-FAST REMITTANCE LLC,

WORLDREMIT LIMITED,

UAE EXCHANGE CENTRE LLC,

WARI LIMITED, HOMESEND

30/08/2016 – Naira Exchange Rate

 DollarsPoundsEuro
Buy/SellBuy/SellBuy/Sell
AM410/412520/538450/458
Mid412/416520/538450/463
PM-- / ---- / ---- / --
Official BDC and CBN exchange rate for Naira against Dollar, Pounds and Euro for 30/08/2016.

29/08/2016 – Naira Exchange Rate

 DollarsPoundsEuro
Buy/SellBuy/SellBuy/Sell
AM407.5/409.5534/538455/465
Mid408/412530/535460/465
PM408/412530/535460/465
Official BDC and CBN exchange rate for Naira against Dollar, Pounds and Euro for 29/08/2016.

CBN warns banks on illicit money transfer flows

The Central Bank of Nigeria (CBN) has directed commercial banks to conduct Know Your Customers’ Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the banking industry.

The CBN gave the directive to authourised dealers, mainly banks, on Friday in a circular signed by the Acting Director of Trade And Exchange Department, Mr W.D Gotring and titled, “Illicit international money remittances through the banking system’’.

The apex bank had observed that some Deposit Money Banks (DMBs) …

26/08/2016 – Naira Exchange Rate

 DollarsPoundsEuro
Buy/SellBuy/SellBuy/Sell
AM410.50/412.50534/537445/455
Mid410.50/412.50534/537445/455
PM410.50/412.50534/537445/455
Official BDC and CBN exchange rate for Naira against Dollar, Pounds and Euro for 26/08/2016.

25/08/2016 – Naira Exchange Rate

 DollarsPoundsEuro
Buy/SellBuy/SellBuy/Sell
AM398/407528/533460/463
Mid396/408530/536460/463
PM396/408530/536460/463
Official BDC and CBN exchange rate for Naira against Dollar, Pounds and Euro for 25/08/2016.

24/08/2016 – Naira Exchange Rate

 DollarsPoundsEuro
Buy/SellBuy/SellBuy/Sell
AM394/397513/518404/445
Mid399/401508/515.3440/447
PM399/404508/515.3440/447
Official BDC and CBN exchange rate for Naira against Dollar, Pounds and Euro for 24/08/2016.

List of banks CBN barred from foreign exchange transactions

The Central Bank of Nigeria CBN yesterday barred 9 commercial banks from participating in Foreign Exchange transactions. The banks were suspended for failing to remit funds from NNPC into the Treasury Single Account TSA. See the list of the nine suspended banks and how much they failed to remit below:

– United Bank for Africa (UBA) -$530m

– First Bank of Nigeria (FBN)- $469m
– Diamond Bank Plc-$287m 
– Sterling Bank Plc-$269m 
– Skye Bank Plc -$221m
 -Fidelity Bank -$209m 

Central Bank of Nigeria bars nine banks from forex transactions

Nigeria’s Central Bank has barred nine commercial banks from all foreign exchange transactions and operations.

CBN Governor, Mr Godwin Emefiele

The banks were barred for hiding some $2.12 billion belonging to the nation’s oil corporation, the Nigerian National Petroleum Corporation (NNPC) and failed to remit the funds into the Treasury Single Account .

A top Central Bank source confirmed to Channels Television on Tuesday, that President Muhammadu Buhari had been briefed on the matter and the sanctions to be imposed …