{"id":122535,"date":"2024-06-29T12:17:23","date_gmt":"2024-06-29T11:17:23","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches"},"modified":"2024-06-29T13:27:30","modified_gmt":"2024-06-29T12:27:30","slug":"cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches","title":{"rendered":"CBN gives banks go ahead to deposit excess FX at Lagos, Abuja branches"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>In a bid at deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates, the Central Bank of Nigeria (CBN) has given the Deposit Money Banks (DMBs) the go ahead to deposit their excess foreign currency notes with its branches in Lagos and Abuja.<\/p>\n<p>This approval followed the increasing demands by DMBs to deposit their forex cash with the apex bank for onward credit to their offshore accounts with correspondent banks.<\/p>\n<p>In a circular issued by its Director of Currency Operators, Mohammed Solaja and posted on the website on Friday, the CBN said each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily at its branches in Abuja and Lagos.<\/p>\n<p>The circular read: \u201cIn order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the bank.<\/p>\n<p>\u201cThe approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.\u201d<\/p>\n<p>By: Babajide OkeowoBalanced, fearless journalism driven by data comes at huge financial costs.<\/p>\n<p>As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.<\/p>\n<p>If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.<\/p>\n<p>Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. In a bid at deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates, the Central Bank of Nigeria (CBN) has given the Deposit Money Banks (DMBs) the go ahead to deposit their excess foreign currency notes with its branches in Lagos and Abuja. This approval followed the [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":122533,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[2782,503,420,4977,254],"class_list":["post-122535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-banks","tag-cbn","tag-forex","tag-fx","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBN gives banks go ahead to deposit excess FX at Lagos, Abuja branches - Nigeria<\/title>\n<meta name=\"description\" content=\"In a bid at deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates, the Centra ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN gives banks go ahead to deposit excess FX at Lagos, Abuja branches\" \/>\n<meta property=\"og:description\" content=\"In a bid at deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates, the Centra ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-29T11:17:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-29T12:27:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651182.744341.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBN gives banks go ahead to deposit excess FX at Lagos, Abuja branches\",\"datePublished\":\"2024-06-29T11:17:23+00:00\",\"dateModified\":\"2024-06-29T12:27:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches\"},\"wordCount\":308,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651182.744341.jpg\",\"keywords\":[\"banks\",\"CBN\",\"FOREX\",\"Fx\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-banks-go-ahead-to-deposit-excess-fx-at-lagos-abuja-branches\",\"name\":\"CBN gives banks go ahead to deposit excess FX at Lagos, Abuja branches - 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