You may spend some months or years (depending on your connection) in jail if you are caught buying US dollars with the Nigerian currency, says the apex bank of the most populous African country. The latest monetary policy became a necessity as the Naira continues to “Lu’le” (that is fall) against other global currencies while … Read more
As the 2023 presidential election becomes intense by the hours, it is clear that the political audacity of the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele will cause more havoc to Nigeria’s monetary system. The CBN governor is more interested in succeeding Muhammadu Buhari than focusing on its primary role of stabilising … Read more
On Thursday, February 10, 2022, the governor of the Central Bank of Nigeria (CBN) disclosed that the apex bank would stop selling forex to banks. The new FX policy, according to Godwin Emefiele, would begin before the end of 2022, calling on the Deposit Money Banks (DMBs) to begin to source forex to meet their obligations. … Read more
I read in the news on Tuesday, July 27, 2021, that Godwin Emefiele-led Central Bank of Nigeria halted the sales of forex to the Bureau De Change operators in Nigeria. CBN will now be supplying forex to ONLY commercial banks. The new rule takes immediate effect. Should you be worried about the new CBN policy … Read more