By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Amends Rule for Investment in Forex Inflow
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

CBN Amends Rule for Investment in Forex Inflow

Farouk Mohammed
By Farouk Mohammed
Published: September 5, 2016
Share
2 Min Read
SHARE

cbn111111-2-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1

In its relentless efforts to boost liquidity in the foreign exchange (forex) market, the Central Bank of Nigeria (CBN) has amended its forex rule to accommodate portfolio investment by Nigerians who import hard currency through an authorized channel.

A circular by the acting Director of the apex bank in charge of Trade & Investment, W D Gotring , to all authorized dealers and general public on Friday, states that “In the continued effort to encourage portfolio investment in Nigeria, resident Nigerian nationals and/or companies who inflowed foreign currency through an authorised dealer are henceforth allowed to invest such funds in money market instruments, bonds and equities.”

And to accommodate this, the provision of Memorandum 21 of the foreign exchange manual has been amended. The new version now reads: “A resident/non-resident Nigerian national and/or entities and foreign national or entity may invest in Nigeria by way of purchase of money market instruments such as commercial papers, negotiable certificates of deposits, bankers acceptances, treasury bills, etc subject to the following documentation requirements.”

- Advertisement -

The requirements are as follows: “Tested SWIFT message evidencing the remittance of funds; Board resolution of the local beneficiary authorizing the investment ( in the case of a company); Purpose of capital importation specified in the SWIFT message and evidence of incorporation where applicable.”

The original provision entitled: “Purchase of money market instruments” had read: “A foreign national or entity may invest in Nigeria by way of purchase of money market instruments such as Commercial Papers, Negotiable Certificates of Deposits, and Bankers’ Acceptances, Treasury Bills, etc.”

The apex bank explains that only funds inflowed through authorized dealer by resident/non-resident Nigerian nationals and companies specifically for the purpose of investment shall be eligible for potfolio investment under the new regime.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNForex
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Toyin Aimakhu’s Shares Comic Photos As She Turns 32 Today
Next Article Nigerian Novelist, Isidore Okpewho is Dead

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Okay.ng Logo

Parallel Market Rates

USD
Buy₦1,540.00
Sell₦1,560.00
GBP
Buy₦2,148.00
Sell₦2,180.00
EUR
Buy₦1,740.00
Sell₦1,800.00

Updated: 14 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

Okay.ng Logo Parallel Market Rates
USD
Buy
Sell
GBP
Buy
Sell
EUR
Buy
Sell
| okay.ng
- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

JAMB Registrar, Is-haq Oloyede
Nationwide Fingerprint Fraud Scandal Uncovered in JAMB CBT Centres, Imo and Anambra Lead
Education News
Senator Natasha Akpoti-Uduaghan
Senator Natasha Akpoti-Uduaghan Explains Delay in Senate Return Amid Legal Nuances
News
ADC Asserts Neutrality Amidst Political Realignments, Denies Bias in Presidential Race
Politics Top stories
Nigeria Union of Teachers
FCT Teachers to Resume as NUT Suspends Over Three-Month Strike
Education
Boladale Odunlami, Commercial Manager, Nestlé Nigeria; Olabisi Joseph, President, Nigeria School Sports Federation (NSSF); and Ifeanyichukwu Orabuche, Category Manager, Beverages, Nestlé Nigeria, pose with the triumphant Father O’Connell Science College team after they clinched the male championship title at the 25th MILO Basketball Championship held at the Indoor Sports Hall, National Stadium, Lagos.
25 Years of Impact as Nestlé’s MILO Basketball Championship Shapes Nigeria’s Future Champions
Sport
- Advertisement -
Ad imageAd image

You May Also Like

Education

New Admission Benchmarks Set to Standardise Tertiary Entry Across Nigeria

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 8, 2025
Dangote Refinery
Energy & Oil

Dangote Refinery Cuts Petrol Price Again to ₦820 Per Litre, Expands Distribution Network

Muhammad A. Aliyu
Muhammad A. Aliyu
July 8, 2025
David Mark
Politics

2027: ADC Has No Preferred Presidential Aspirant – David Mark

Muhammad A. Aliyu
Muhammad A. Aliyu
July 8, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?