Following the plunge of the value of the naira against the United State Dollars and other foreign currencies, the Central Bank of Nigeria (CBN) pursant to its objects, deployed several measures in a bid to prevent further depreciation and maintain a stable exchange rate. Some of them included limiting foreign exchange (forex) deposit and withdrawals over the counter allowing foreign remittances to be paid in Dollars, introducing the stringent documentation for forex utilisation, and banning the sale of forex to Bereau De change (BDC) operators. Also, the CBN had kicked against ‘dollarisation’ of the economy via circulars reiterating that the pricing of goods and services in the Nigeria should generally continue trade, institutional changes in the economy and structural shift in the production.
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