The Central Bank of Nigeria (CBN) has lifted a ban on dollar transfer. The banks can now transfer foreign currency in customers’ domiciliary accounts to their local and international business partners subject to a daily cumulative limit of $10,000.Confirming the policy shift yesterday to The Nation
Central Bank of Nigeria (CBN) spokesman, Ibrahim Mu’azu, said the apex bank decided to reverse the policy because its finding showed that currency substitution by customers which made it enforce it in the first place has been tackled.According to him, bank customers before now were converting
naira to dollar and depositing the proceeds in the hope that the dollar would continue to appreciate at the parallel and official markets. He said stability has now returned to the market despite the volatility in the parallel market rate with the naira exchanging for over N300 to one dollar.
The Nation
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