Posted on: 05:06 Tue, 12 Jan 2016



The Central Bank of Nigeria (CBN) has
perfected plans to rejig forex
restrictions in the country.

The new rules will allow customers
deposit foreign exchange in cash
directly into local banks while the CBN
will no longer sell forex directly to
Bureau De Change operators in the
country.

“The Bank would henceforth
discontinue its sales of foreign
exchange to BDCs (bureaux de change).

Operators in this segment of the
market would now need to source their
foreign exchange from autonomous
source,” central bank governor Godwin
Emefiele told a press conference.

“The Bank would now permit
commercial banks … to begin accepting
cash desposits of foreign exchange from
their customers.”

These are part of steps being taken by
the CBN to reduce the pressure on the
naira, which has been under pressure
against major foreign currencies in the
parallel market.