The Central Bank of Nigeria has stopped the sales of foreign exchange to importers of rice, private jets, textiles, tomato paste, poultry products and 35 other times.
The move, according to sources, may be one of the apex bank’s efforts to beef up the rapidly depleting external reserves of the country.
The CBN, in a circular dated June 23, 2015, stated that the implementation of the policy would help to conserve foreign reserves and facilitate the resuscitation of domestic industries as well as generate employment.
The circular, which was signed by the Director, Trade and Exchange, CBN, Olakanmi Gbadamosi, stated that it was …Read More
Source:: New Mail