The Central Bank of Nigeria (CBN), Thursday said it will stop selling forex to Deposit Money Banks by the end of 2022.

Making this disclosure after a Bankers’ Committee meeting, CBN governor Godwin Emefiele said it was time for banks to source for forex by funding entrepreneurs with ideas.

Mr Emefiele disclosed that the apex bank will provide banks with rebates and other support needed for them to be able to independently source for forex without the CBN.

He detailed that policies and measures introduced under his leadership of the apex bank have resulted in an improved diaspora inflow to an average of over US$100 million per week by January 2022 from a $6 million per week inflow in December 2020.

He further disclosed that the apex bank would henceforth review its intervention programmes to ensure that they continue to achieve the desired results.

This development comes months after the apex bank blocked foreign exchange transactions with bureau de change operators.

The bank also suspended the issuance of new licences to money changers across the country.

Bureau de change operators have long been a major black market, providing exchange rate support to those unable to formally access foreign currencies directly from the CBN. The suspension of their ability to source foreign exchange from the CBN has placed a significant impact on the country’s economy and brought the naira under further pressure.

The Buhari regime has faced criticisms for mismanaging the country’s economy after the naira tumbled by wide margin against the United States dollar and other major international currencies. A dollar was about 180 to naira when the administration assumed power in 2015, but it now exchanges for about 411.50 to naira, and about 510 to naira at parallel markets.

https://gazettengr.com/just-in-cbn-to-stop-forex-supply-to-banks-by-end-of-2022/

all na smoke

SadiqBabaSani:
all na smoke

Aboki Fulani don corner ALL forex be dat!

[img]https://media1./images/8449c89b2a5a67af4d98b99a8e403eee/tenor.gif?itemid=21379361[/img]

.....on top of the refining of petrol.

Nigeria's problems is not laws but implementation.

No more PTA?

By the time emefile is done..... toilet paper will be worth much more than the naira...

They are about to finish this country kpatakpata.
If banks start sourcing for dollars themselves, a dollar will be N100

Toh

By that time dollar will sell for #1,000

Hmmm......when you think you seen it all in Nigeria,

JohnSin97:
By the time emefile is done..... toilet paper will be worth much more than the naira...

Is it by the time Emefiele is done or is it by the time PMB and his Maitama based ministers who signed checks and go to Emefiele for withdrawals and thus draining the nation's foreign reserves is done? Who are you pointing your fingers to?

MrSamsung:


Is it by the time Emefiele is done or is it by the time PMB and his Maitama based ministers who signed checks and go to Emefiele for withdrawals and thus draining the nation's foreign reserves is done? Who are you pointing your fingers to?

PMB is to blame.....but if you understand economics you'd know that the central bank governor is basically in charge of the economy and holds more power than even federal ministers.

Right way to go we need to get rid of speculators and bring stability to the FX market.

Banks will be fine.
This will seperate the boys from the men. CBN can not keep the banks as glorified BDCs for ever.
May God bless Nigeria for ever.

SadiqBabaSani:
all na smoke

Sure na!

Good idea if it would be implemented.

If implemented, The inflation that will greet this country ehhhn......infact what we seeing now will be a child's play because the moment the bank starts sourcing for the dollars themselves, they will have unending liberty to fix the price themselves, Infact they can create artificial scarcity at will.......unfortunately we don't produce, we still nedd this dollars to import........Infact things will be so tough ehn......

lwisee:
They are about to finish this country kpatakpata.
If banks start sourcing for dollars themselves, a dollar will be N100

Na lie
.it will worsen

They are preparing the economy for the take off of dangote refinery

That's why subsidy is tempting them. Seriously to remove

Again this , cuz dangote alone says he will be bringing in a whole lot of foreign earned hard currencies from. All his investment and start to supply exchange to the economy..

That is why government is trying to hands of it to allow private sector take control... That guy would be very very richer soonest...

But don't beef him.. he takes the biggest risk in the economy