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It is not classified as a foreign currency or e—money but stands as "private money" which can be used in "multilateral clearing circles", according to the ministry. It recommends using the term "crypto token. They added that trading virtual currencies in Poland does not violate national or EU law, however, having virtual "currencies", involves many risks: 1 risk related to the possibility of loss of funds due to theft, 2 risk related to lack of guarantee, 3 risk of lack of universal acceptability, 4 risk related to the possibility of fraud, 5 risk of high price change.
Financial institutions should be cautious about engaging and cooperating with virtual currency "trading" entities. Romania Legal As of March , an official statement of the Romanian National Bank mentioned that "using digital currencies as payment has certain risks for the financial system". In addition, there is a new subpoint, Article At the same time NBS points out that any legal person or natural person in the Slovak Republic shall not issue any notes or any other coins.
Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law. This Day Lagos It also announced that it has now permitted banks to receive forex deposits. And for those thinking the apex bank may have a change of heart over its action, its Director, Monetary Policy Department, Dr. Hassan Mahmud said there is no going back even as the CBN is set to commence the refund of capital deposits and licensing fees, where applicable, to Bureau De Change BDC promoters who had pending licence applications before Tuesday's announcement of the end of FX sale to the currency dealers.
Similarly, the banking sector regulator, in another circular, directed all banks to set up teller points at designated branches across the country to fulfill legitimate FX requests for Personal Travel Allowance PTA , Business Travel Allowance BTA , tuition fees, medical payments, and SMEs transactions, among others.
However, as the nation awaits the implementation of the new policy of selling dollars directly to commercial banks for onward sale to the public, the Naira has continued to be at the receiving end with rates oscillating between N and N at the parallel market between Wednesday and Friday last week. Such was the confusion and arbitrage that characterised the forex market after the CBN threw the bombshell, as some dealers moved to cash in on the CBN's directives before the banks settle down to the business of full-scale forex sale to end-users.
Stunned by the CBN's surprised ban from its supply of forex, some BDC operators said Nigerians FX users will pay dearly for the unfolding development, considering the unreliability of banks to carry the CBN's instruction to the letters.
The current spike in the value of dollars is blamed on the decision of some operators to hoard the currency, having got winds of the CBN's plan to ax that segment of the foreign exchange market as well as the panic buying by some FX users who anticipated a prolonged period of rates instability. Gwadabe said the planned engagement would, among other things, seek to identify and sanction earring BDCs. Gwadabe said in a statement that the pronouncement by the CBN did not stop BDCs from providing FX services as allowed by their operating licences and in their operating guidelines.
Gwadabe said, "BDCs are licenced to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions, namely, PTA, BTA, payment of medical, and school fees. Wigwe said customers could walk into their banks to purchase dollars for legitimate transactions. He noted that the banks had agreed that the process would start immediately following a meeting with the CBN.
Wigwe, who is also Group Managing Director of Access Bank Plc, said the banks were ready to meet the mandate of the CBN, adding that they have more than enough capacity to deliver. He explained that the process would be centralised to avoid abuse. In addition, Wigwe said banks yet to adhere to the mandate by the regulator to create a forex desk would be sanctioned.
There is no doubt that the assurance given by the chief executives of banks to ensure full implementation of the CBN directives in their respective banks came as a boost to the apex bank's policy change, however, industry watchers contend that the promise made by bank CEOs, and the cooperation of banks' staff assigned to interface with the potential forex buyers are different things. The Governor also announced a ban on the over BDC applications it receives monthly.
Emefiele however said, "The bank would henceforth discontinue its sales of foreign exchange to BDCs. Operators in this segment of the market would now need to source their foreign exchange from an autonomous source. They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator violates our anti-money laundering laws; The bank would now permit commercial banks in the country to begin accepting cash deposits of foreign exchange from their customers.
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