The Central Bank of Nigeria has revealed that it will stop the sale of foreign exchange to Deposit Money Banks by the end of the year 2022..
According to the CBN Governor, Godwin Emefiele, banks must begin to source their forex from export proceeds, hence the need to support non-oil exporters in the country.
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He pointed out that the decision is in line with the apex bank’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.
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He pointed out that the decision is in line with the apex bank’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.
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I don't know what this is.
ReplyDeleteDoes it mean people won't be able to withdraw dollars or pounds from their domiciliary account?
We need more explanation.
Or banks won't have forex to trade with private or corporate individuals ?
I think this will bring confusion everywhere. They did not talk about regulating banks sourcing this forex proceedings. How many products are non oil exports in Nigeria? Or the products that go within Africa? What of regulating the parallel market called "black market?" Is this policy citizen benefitial or like always, what the cabal wants?
ReplyDeleteI hope it's not true this regime was sent to finish off the country as people are saying. I wonder what their legacy will be after their tenure.
You apply for FOREX it will take you begging and crying for them to debit you
ReplyDeleteThat bank that they called 1st show me people last year, I almost started making roaster with them until I had to terminate n use an alternative
In a way it's good news because someone sale it to their paddy or “bug men, celeb” etc
While bad news I hope Student that ain't from rich home in the abroad can also access it
Try dey write well make person understand naw. Use pidgin sef instead.
DeleteIt is well.
ReplyDeleteSomeone should explain, thanks
ReplyDeleteWhat they are trying to say is that, CBN will not be selling other countries currency to banks again. Banks will have to source for their hard currency either from ABOKI FX, or road side mallam as the case may be. But in doing that, getting dollars will be very scares and the rate of getting it will be on the high side. This here will affect the standard of living in Nigeria as almost everything are being imported from other countries into Nigeria. However, the CBN president said is for reserve issues. Which i find it hard to believe. Because the common man will really suffer for this decision made.
ReplyDeleteReserve for election?
DeleteHmmm
So it should reach 1k to a dollar?
Wahala hia and deer. This is bad for people who genuinely use the forex.
ReplyDeleteThis is misinformation. Go back and listen to the complete message.
ReplyDeletePlease inform us correctly. We want to know
DeleteI wonder why Buhari is still retaining Emefiele.
ReplyDelete