{"id":5479,"date":"2015-08-07T21:57:46","date_gmt":"2015-08-07T21:57:46","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=5479"},"modified":"2015-08-07T21:57:46","modified_gmt":"2015-08-07T21:57:46","slug":"cbn-implements-new-policy-to-sustain-appreciation-of-the-naira","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=5479","title":{"rendered":"CBN Implements New Policy to Sustain Appreciation of The Naira"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has directed banks in the country to pay for their dollar purchases 48 hours in advance.<\/p>\n<p>As part of efforts to curb foreign exchange demand, banks are now required to deposit the naira equivalent of their total forex bids to the CBN 48 hours in advance before its intervention.<\/p>\n<p><a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/06\/Delta-newsroom-logo3.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-5133\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/06\/Delta-newsroom-logo3-300x133.png\" alt=\"Delta newsroom logo\" width=\"300\" height=\"133\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/06\/Delta-newsroom-logo3-300x133.png 300w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/06\/Delta-newsroom-logo3.png 450w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/06\/niger-delta.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5162\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/06\/niger-delta.jpg\" alt=\"niger delta\" width=\"241\" height=\"209\" \/><\/a>This is happening a day after CBN officially barred banks in the country from accepting foreign currency cash deposits into customers\u2019 domiciliary accounts.<\/p>\n<p>After banks notified their customers on plans to stop receiving foreign currency cash deposit, the naira had appreciated against the dollar significantly.<\/p>\n<p>The apex bank also advised those who have deposited foreign currencies into their accounts before the directive to either withdraw the cash as they will not be allowed to transfer the funds.<\/p>\n<p>The CBN emphasised that only wire transfers to and from Domiciliary Accounts are henceforth permissible.<\/p>\n<p>Individuals wishing to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. were advised to do so through recognised channels with the use of Form \u2018A\u2019 for \u201cinvisible\u201d and Form \u2018M\u2019 for \u201cvisible\u201d transactions.<br \/>\nDaily Independent<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has directed banks in the country to pay for their dollar purchases 48 hours in advance. As part of efforts to curb foreign exchange demand, banks are now required to deposit the naira equivalent of their total forex bids to the CBN 48 hours in advance before its intervention. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[362,364],"class_list":["post-5479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn","tag-domicilary-accounts"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/06\/Delta-newsroom-logo3.png","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-1qn","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/5479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5479"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/5479\/revisions"}],"predecessor-version":[{"id":5480,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/5479\/revisions\/5480"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/5133"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5479"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}