Forex rate state bank pakistan

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The bank is to make the refund, being excess profit made from the sale of $ million to a foreign customer above the inter-bank market exchange rate agreed by all operators and approved by the CBN.

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He said no fewer than eight banks that had reason to trade above the agreed N865 exchange rate range, sought and received the CBN’s nod to proceed with their transactions.

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Standard Chartered Bank spokesperson, Dayo Aderugbo, also refused to give details of the alleged offence the bank was accused of. He neither denied nor confirmed if the bank was sanctioned or fined by the Central Bank for the Forex offences.

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Consequently, the bank realized about billion, about billion in excess of the maximum billion it should have made, if it traded within the agreed exchange rate band with a maximum of N895 to the dollar.

A senior official in one of the banks told PREMIUM TIMES the band was later reviewed to between N865 and N895, when the Naira value plunged further, with an agreement that any bank seeking to sell above the range must inform the CBN and obtain clearance to proceed.

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well..whether Venezuela or Angola the present system of allocation is just not working and some rogues are benefiting from it, besides what 8767 s wrong with CBN getting to end users with foreign exchange?

is neither a foreign exchange company nor it is affiliated with any forex dealer so it doesn't provide currency trading or money transfer facility. maintains accuracy by timely updating forex rates received from various authentic sources for the interest of public. However these are only the indicative rates as forex rates keep on changing minute to minute. also provides Forex Rates to some Pakistan News websites. is not responsible or liable whatsoever with respect to any transactions made on the basis of these rates.

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