As much as Mr. Cardoso may desire to provide FX for the Nigerian public, CBN cannot print dollars. If Nigeria does not export goods and services, the nation cannot earn dollars. Only deliberate policy actions can save the Naira. Both Monetary and Fiscal authorities must think outside the box and mobilise good spirited Nigerians to join in the battle to save the Naira.
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The Central Bank of Nigeria (CBN) has released the requirements for foreign currency cash pooling on behalf of International Oil Companies (IOCs) in Nigeria. The apex bank made the requirements known in a circular dated February 14, 2024, signed by the Director of Trade and Exchange Department, Dr. Hassan Mahmud, and sent to all authorised dealer banks in the country.
The Central Bank of Nigeria (CBN) has announced a ban on the payment of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) by cash. The apex bank made this known in a circular dated February 14, 2024, signed by the Director of Trade and Exchange Department, Dr. Hassan Mahmud and sent to all authorized dealer banks.
CBN's new policy highlights the new shift in foreign transactions and adapting to electronic means for accessing both personal and foreign travel allowances.