Naira Trades at 1,498/S on Official Market as Central Bank Cracks Down on Racketeer

“Naira Appreciates Slightly as Central Bank Cracks Down on Forex Racketeers: Naira Trades at 1,498.25/$, CBN’s New Circulars Target Sharp Practices”

In the Nigerian Autonomous Foreign Exchange Market, the naira experienced a slight appreciation against the United States dollar, closing at a rate of N1,498.25/$ on Thursday, compared to N1,503.38/$ recorded the previous day. Concurrently, the Central Bank of Nigeria (CBN) unveiled a series of circulars dated February 14, 2024, aimed at combating foreign exchange racketeering and financial malpractice. Among the directives, the first circular prohibits banks from disbursing Personal Travel Allowance in cash, while the second mandates International Oil Companies to stagger repatriation of revenue to their parent companies. Additionally, the third circular revises CBN guidelines to curb under-invoicing of exports and over-invoicing of imports.