42 Banned Items: Restriction Of FX Access To Continue- CBN

-


The Central Bank of Nigeria (CBN), on Tuesday, January 8, 2019, said there are no plans to shift grounds on allowing importers of 42 bared items from access to the official foreign exchange window any time soon.

A statement by the Director of CBN’s Corporate Communications Department, Isaac Okorafor, assured that the policy would continue, particularly given that it has so far greatly boosted local production of the various items on the list.
Already, he disclosed that the Economic Intelligence Unit of the CBN was working closely with relevant government agencies to checkmate any attempt to circumvent the policy.

The statement also announced the continuation of the apex bank’s intervention in the inter-bank sector of the Foreign Exchange market by injecting another $210m.
While $100m was injected into the wholesale segment of the market, the sum of $55m each went into the Small and Medium Enterprises (SMEs) and invisibles sectors.

He reiterated that the CBN was unrelenting in its resolve to sustain liquidity in the forex market as well as maintain stability there, stressing that the continued intervention was aimed at helping it meet requests of genuine customers in the various windows of the market.
Meanwhile, the United States Dollar at the rate of US$1 for N358 in the Bureau De Change (BDC) segment of the market on Tuesday, January 8, 2019.


Comments

Post a Comment

Popular posts from this blog

Wherever You are NOW is Your Decision

-
Image
                                        Photo credit: entrepreneurfail According to research, very few people are successful at anything at first. I included. The reason only a tiny percentage of the population achieves any significant success or wealth through stock is that few are willing to go through the process of what it takes to achieve in the stock market, and there is no shortcut. In fact, everybody has to go through four levels of learning every single time, and often, in the process - fail, regroup and begin again. Most people blame others like government policies, currency fluctuation, political instability, the election for stopping their progress, but in truth, there's only one person who can put on the parking break and that person is YOU. Furthermore, many people drive around with the break on without knowing it, or once awareness arrives, don't know how to lift their foot off of it. That is why I have been organizing seminars and making them avail
Read more