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Money

Understanding the CBN’s New Forex Circular: What It Means for Nigerians

On October 2, 2024, the Central Bank of Nigeria (CBN) announced a major shake-up in the way foreign exchange (forex) transactions will be conducted in the Nigerian market. If you’ve ever wondered why forex seems so confusing—or why it sometimes feels like it works against the everyday person—this new system, called the Electronic Foreign Exchange…

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