CBN will stop the sale of foreign exchange to banks

The Central Bank of Nigeria (CBN) had hinted that it would stop the sale of foreign exchange to banks by the end of the year.

Godwin Emefiele, CBN governor, said banks should generate FX proceeds from exporters to give their customers (importers).

“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,” he had said.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again go and generate their export proceeds.