CBN Bans Dollar Importation

The Central Bank of Nigeria (CBN) has banned the importation of all foreign currencies except with approval. the move move was sequel to the Bank’s withdrawal of the operating licence of 20 Bureaux de Change (BDCs).

The CBN alleged that the BDCs purchased and sold huge sums of U.S. dollars with no documentation to show details of the transactions.

The statement quoted the Deputy Governor, Economic Policy, Dr Sarah Alade, as saying that the CBN frowned at the existence of strong foreign exchange demand pressure from domestic sources.

She said that the CBN had observed a surge in dollar cash importation by banks and the huge cash sales of the dollars to BDCs by the banks.

She disclosed that the purchase and sale of the cash were not adequately documented by the BDCs.

Alade said that if the trend was not contained, it could pose grave threats to the value of the naira as well as the Nigerian economy which had gradually become dollarised. mandate. (NAN)