POLITICS:-CBN Reveals the Sources for the hike in dollar price

The Central Bank of Nigeria (CBN) says autonomous
sources such as exporters and correspondent banks now control the price of dollars in banks and the Bureau de Change (BDC) segment.
The Director, Corporate Communications, Mr Mu’azu


SOURCE:-Oluniyi Hisamotu | Topup9ja Staff


Ibrahim, stated this in an interview on Friday in Abuja.He said although the price of Naira remained stable at
N197 to a dollar at the interbank market, it was hovering at the parallel market.

The apex bank director of communications posited that customers would also find Forex expensive in the banks or while using their debit cards abroad because the Forex purchased by banks from the CBN was not sufficient for all transactions.

He explained that for this reason, banks reserved the Forex they got for developmental transactions, especially to manufacturers looking to import necessary materials to aid the real sectors of the economy.


He further stated that although the CBN had not put a ban on accessing Forex for school fees or medicals, it was not a priority so banks might use their discretion to allocate or not to allocate Forex for such.

He concluded by saying, there was no ban or restrictions, but priorities will be given to demand for raw materials, plants and machinery.