forex monitoring and miscellaneous exchange act

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    Business CBN Reacts To Alleged Plan To Prohibit Possession of Foreign Currency

    The Central Bank of Nigeria (CBN) has refuted the claims that it was planning to seize funds in domiciliary accounts of individuals, saying the claim was “false”. The CBN on Monday said that it does not have any plan to amend the nation’s Foreign-Exchange Act to sanction anyone found hoarding...
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    Business CBN Seeks Powers Prohibiting Possession of Foreign Currency

    The Central Bank of Nigeria has reportedly proposed a string of new amendments to the Foreign Exchange, Monitoring and Miscellaneous Exchange Act (FEMM). The act signed to law in 2014 basically liberalized the foreign exchange market in Nigeria allowing for foreign investors to import money...
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