Banks’ forex ban: Dollar scarcity, inflation, firms’ closure imminent, experts warn

Financial analysts and economic experts have expressed worry over the plan by the Central Bank of Nigeria to stop the sale of foreign exchange to Deposit Money Banks by December this year.

The CBN Governor, Godwin Emefiele, had last Thursday advised banks to begin plans to meet their forex needs from export proceeds as it would soon stop selling forex to them.

He pointed out that the decision was in line with the apex bank’s new commitment to boosting the country’s foreign exchange reserves through proceeds from non-oil exports.

He added that the banks have to find the capacity to meet up as this would stabilise the forex market.

– Punch