SAN FRANCISCO, January 11, (THEWILL) –THEWILL can authoritatively report that the Central Bank of Nigeria (CBN) has perfected plans to rejig forex restrictions in the country.
According to a top government source, who spoke exclusively to THEWILL, the new rules will allow customers deposit foreign exchange in cash directly into local banks while the CBN will no longer sell forex directly to Bureau De Change operators in the country.
The rules, THEWILL gathered, are part of steps being taken by the CBN to reduce the pressure on the naira, which has been under pressure against major foreign currencies in the parallel market.
Nigerian banks started rejecting cash deposits in foreign currencies into domiciliary accounts a few months back because they felt that the level of forex that they had in their vaults was above the optimum level that they could manage. The CBN had backed the decision.
Also Read: CBN’s Statement Confirming You Can Now Deposit Forex In Cash Into Your Bank Account
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