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Nairaland Forum / Nairaland / General / Business / CBN Bans Customer-to-customer Forex Transfer (1144 Views)
CBN Bans Dollar Charges On Domestic Transactions / CBN Bans Over-The-Counter Withdrawal Of New Notes / New CBN Regulation On Forex Transfer (2) (3) (4)
CBN Bans Customer-to-customer Forex Transfer by Inception(m): 12:01pm On Sep 25, 2020 |
The Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another. According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth. An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts. The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established. “They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines. “Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.” It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A. Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds. Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M. “Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read. “Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents. “Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones. Source: https://www.sunnewsonline.com/cbn-bans-customer-to-customer-forex-transfer-2/ 1 Like 1 Share |
Re: CBN Bans Customer-to-customer Forex Transfer by Inception(m): 12:03pm On Sep 25, 2020 |
Please how does this affect people that transfer from one dorm account to another within the same bank? |
Re: CBN Bans Customer-to-customer Forex Transfer by daddytime(m): 12:05pm On Sep 25, 2020 |
Mtchewww Make dem kukuma ban the inflow and use of forex from the country make everybody rest. |
Re: CBN Bans Customer-to-customer Forex Transfer by tritt(m): 12:08pm On Sep 25, 2020 |
CBN matter sef don tire me....i bet you, before the end of next month another circular will be passed to banks again. Restrictions everywhere still economy no dey grow. 1 Like |
Re: CBN Bans Customer-to-customer Forex Transfer by money121(m): 12:24pm On Sep 25, 2020 |
Naija CHANGE |
Re: CBN Bans Customer-to-customer Forex Transfer by jboixxx: 6:36pm On Sep 25, 2020 |
They sha wan suffocate dollar spending, still the big men are spraying $ at their parties. 1 Like |
Re: CBN Bans Customer-to-customer Forex Transfer by sirleke(m): 5:36am On Nov 18, 2020 |
Inception and all Please https://www.nairaland.com/6242597/mr-t-milex-carquest-rad-auto/3#6242597.103 Please I beg u guys to open the above link and nominate me oooo,I need win that scanner ,just mention (sirkeke) Thanks guys Inception: |
Re: CBN Bans Customer-to-customer Forex Transfer by Konquest: 8:37pm On Oct 09, 2021 |
Inception:Very distorted economic and regulatory policies from the CBN. Loads of B.S. |
Re: CBN Bans Customer-to-customer Forex Transfer by Gee64: 7:54pm On Oct 10, 2021 |
Teacher, don't teach me nonsense! |
Re: CBN Bans Customer-to-customer Forex Transfer by JohannLibert: 3:18pm On Jul 20, 2023 |
Customer-to-customer forex transfers are a great way to send money internationally with no hidden fees. I use it to send money to my family abroad. I recommend learning more about forex platforms like MetaTrader 5 at learn this . My cousin in another country was able to receive the money I sent within minutes using this platform, which was much faster than a traditional bank. He was very happy that he was able to receive the money so quickly using forex client to client transfer. |
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