Talking Money

CBN Curbs Dollar Sale To Save Naira

The Central Bank of Nigeria has said that they will stop the sale of dollar to some importers to save the Naira from falling.

CBN says the move is to save the Naira from falling further more (EPOHCJ Nigeria )

The Central Bank of Nigeria has stopped the sale of dollars to some categories of importers at its bi-weekly regulated foreign exchange market in order to curb the fall of Naira.

In a statement signed by the Director, Trade and Exchange Department Mr. O.I Gbadamosi and released last Thursday, November  6, the Central Bank said it would no longer sell dollars to importers of electronics, finished products, information technology equipment, generators, telecommunication equipment and invisible transactions at its Retail Dutch Auction System forex market. Therefore, the importation of the listed items will now be funded at the interbank forex market only.

“In order to maintain the existing stability in the foreign exchange market and to further strengthen the various policies already initiated by the CBN, the importation of the items shall henceforth be funded from the interbank foreign exchange market only,” part of the circular read.