Boosts Manufacturing, Agricultures, Others. The issue of tax clearance, we all know that it has been an issue because not many people can produce their tax clearance and for those who can, some can also easily produce fake tax clearance and the process of verifying this is very difficult. Monday, February 20, 2017 5:50 PM / CBN. The foreign exchange market experienced a boom during this period and the management of foreign exchange resources became necessary to ensure that shortages did not arise. The CBN would ensure that this process is as smooth as possible and that as many customers as possible get the foreign exchange they genuinely demand. Afcon Qualifiers: Ighalo nets brace as Nigeria beat Libya again. Bureaux de Change were licensed in 1989 to accord access to small users of foreign exchange and enlarge the officially recognised foreign exchange market.
See All: Facts Events. There is also a condition that you must be embarking on a journey that is not less than five hours. Travel Allowances, having cleared the historic backlog of matured letters of credit at the inception of the current flexible exchange rate system, the CBN would immediately begin to provide foreign exchange to all commercial banks to meet the needs of both personal travel allowances (PTA). In order to further increase the availability of foreign exchange to all end-users, the CBN has decided to significantly reduce the tenor of its forward sales from the current maximum cycle of 180 days, to no more than 60 days from the date of transaction. Naira slips further, hits N497.50 against Dollar at parallel market. The whole essence of the new policy is to infuse dollar liquidity into the system and to ensure easy accessibility of end users. That was why some of them retained but now they have to do it directly. The evolution of the foreign exchange market in Nigeria up to its present state was influenced by a number of factors such as the changing pattern of international trade, institutional changes in the economy and structural shifts in production. He reiterated that to avoid round tripping, the policy allows for school fees and medical fees to only be paid directly to the school or hospital.