CBN Withdraws Foreign Exchange Service For Importers

Channels Television  
Updated June 24, 2015

CBN Withdraws Foreign Exchange For ImportersThe Central Bank Of Nigeria (CBN) has withdrawn Foreign Exchange Allocation for importers of some goods into the country.

The CBN Governor, Mr Godwin Emefiele, revealed the apex bank’s decision on Wednesday in an interview with reporters in Abuja, Nigeria’s Capital.

Importers of such goods which falls into 41 categories are expected to source for their foreign exchange privately.

The CBN boss explained that the decision was targeted at improving local production and consumption of the goods, which would in turn create jobs for Nigerian youths.

Mr Emefiele also noted that the CBN would continue to assess the activities of the importers ‎and impose sanctions on those who default.