*Imposes 0.30% handling charge
*Stock market gains N15.68tn in first half of 2024
James Emejo, Emmanuel Addeh in Abuja and Kayode Tokede in Lagos
Citing the need to deepen the foreign exchange (FX) market, boost liquidity and attain convergence in exchange rates between the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that banks may deposit their excess foreign currency notes with its Lagos and Abuja branches.
This comes as data compiled by THISDAY showed that despite FX volatility, soaring inflation rate, the Nigerian stock market appreciated by N15.68 trillion in the first half of (H1) 2024 as investors continued to invest in blue-chip companies.
The central bank stated that the approval of FX deposit at its branches was sequel to the increasing demand by banks to deposit their FX cash with the CBN for onward credit to their off-shore accounts with the correspondent banks.
The new directive which becomes…
Source: Thisday Newspaper
