Forex act nigeria

forex act nigeria

with the establishment of the CBN and the subsequent centralisation of foreign exchange authority in the Bank, the need to develop a local foreign exchange market became paramount. Before the establishment of the Central Bank. They make various platforms available to their clients, like MetaTrader4, ACT and. By Law, any person who refuses to accept payment in the Nigerian currency of the Naira is guilty of an offence and liable on conviction to a fine of N50,000; or to a term of imprisonment of six (6) months. This led to the introduction of the Second-tier Foreign Exchange Market (sfem) in September, 1986. Copyright Notice. You can open trading account with this broker with leverage of 100:1. Admiral Markets, they make various trading platforms available, like Admiral Markets Web and MetaTrader. The information here will enlighten you about the top 10 forex brokers operating in, nigeria.

Their website is at www. Hotels and Foreign Exchange Licensing, like other regulated institutions, Hotels that are registered by the Central Bank of Nigeria as Authorised Buyers of foreign currencies, may receive payment for the services that they provide in any convertible foreign currency. There are various foreign exchange offences for which stiff sanctions are prescribed. Legal Alert July 2014 Foreign Exchange Payments in Nigeria.

forex act nigeria

This material is protected by International Intellectual Property Laws and Regulations. In the case of a corporate body, the fine for contravention includes a penalty of ten (10) times the amount of the foreign exchange involved. Exception to the Common Mode of Payment. Also, foreign currency transactions in the foreign exchange autonomous market or in domiciliary accounts are not liable to government expropriation. Disclaimer notice, this is a free educational material which does not create a Client/Attorney relationship. They are regulated by FSA and MiFID. Youtrade FX, they are regulated by asic, FSC and FSA. They however make SirixWeb and MetaTrader 4 trading platforms available to their registered traders. . During this period, agricultural exports contributed the bulk of foreign exchange receipts. The CBN is empowered to prescribe the circumstances and conditions under which foreign currencies may however be accepted as a medium of exchange in Nigeria. Nigeria (CBN) in 1958 and the enactment of the Exchange Control.