ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, February 25, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Central Bank of Nigeria (CBN)

Headquarters of the Central Bank of Nigeria (CBN)

Foreign exchange regime not to favour special interests – CBN

byAgency Report
January 29, 2017
1 min read
ADVERTISEMENT

The Central Bank of Nigeria, CBN, says the sale of foreign exchange, FX, under the new policy is transparent and not intended to benefit any individual or corporate body.

Acting Director of Corporate Communications, CBN, Isaac Okorafor, in Abuja on Sunday insisted that its FX policies were not meant to favour special interests.

According to Mr. Okorafor, the apex bank has to make the clarification following allegations of irregularities in the rates at which foreign exchange is obtained by some individuals and companies from different banks.

“We wish to reiterate that the Central Bank of Nigeria neither allocates foreign exchange nor does it deal directly with bank customers.

“The CBN does not fix FX rates for transactions by individuals or companies.

“In line with our principle of transparency, we directed Deposit Money Banks (DMBs) to forward to us evidence of FX sales to end users and to advertise same in national dailies.

“Since the introduction of the new FX Policy in 2016, we have published monthly, the evidence of sales from DMBs, as received from the banks and without any alteration by us in the spirit of transparency.

“As the constitutionally authorised industry regulator mandated to manage the forex market, we wish to state unequivocally that the CBN has a duty to perform and would not indulge in acts capable of discrediting the FX market,” Mr. Okorafor said.

He said the CBN recently observed, however, that some banks forwarded inaccurate data which was erroneously published and gave a wrong impression of disparate rates.

RelatedNews

VIDEO: What Bawa told Senate about himself

Facebook to invest $1bn in news industry

VIDEO: How missing Pharmacy admission made me into a passionate farmer -Chinonye

VIDEO: How we survived bandits’ attack, abduction — Kagara College Students

He said the banks involved had been issued queries accordingly.

According to him, some of the banks have returned a response indicating that some of the figures are related to formatting errors which do not affect the true rates of the affected transactions.

It will be recalled that in June 2016, the CBN unveiled new guidelines in the management of FX which were being determined by the market.

Dangote adbanner 728x90_2 (1)

Under the new regime, FX is allocated on a 60:40 ratio, prioritising FX sales to manufacturers, agriculture, plant and machinery and critical raw materials.

(NAN)

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Nigeria signs AU convention on Cross Border Cooperation

Next Post

Nigerian League: Plateau United extend lead, remain unbeaten

Agency Report

Agency Report

More News

AMCON

AMCON seizes assets belonging to directors over N1.6bn debt

February 25, 2021
Naira and Dollars

Naira weakens against dollar on I&E window

February 24, 2021
Electricity prepaid meters used to illustrate the story.

Nigeria electricity regulator seeks citizens’ ideas on mass metering

February 24, 2021
Oando-PLC [Photo Credit: www.oandoplc.com]

Big bank stocks lift gains further in N6 bn advance

February 24, 2021
Facebook App

Facebook to invest $1bn in news industry

February 24, 2021
Naira and Dollars

Despite oil price rally, Nigeria’s foreign reserves shed $1.19bn

February 24, 2021
Next Post
Plateau United team played while the management of Heartland FC attacked the referee

Nigerian League: Plateau United extend lead, remain unbeaten

AFCON 2017: Ghana set up semi-final clash with Cameroon

AFCON 2017: Ghana set up semi-final clash with Cameroon

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,624,520 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.