CBN May Ban More Items From Accessing Dollars
The Central Bank of Nigeria, CBN is planning to add more items to the existing list that importers cannot access foreign exchange for.
The new items will include many other products being produced in Nigeria.
The Cable reports that Godwin Emefiele who is the banks governor made this revelation at the weekend while addressing the 53rd Annual Bankers Dinner in Lagos.
He said the bank, based on internal research, has received a recommendation to do so, following a drop of the country’s monthly import bill from $665.4 million in January 2015, to $160.4 million as at October 2018.
“Based on our internal research conducted at the Central Bank of Nigeria, CBN there is strong support that the recovery of our economy from the recession may have been much weaker or even negative, without the implementation of the restriction on 41 items,” Emefiele said.
He added: “Our research supports the conclusion that the combination of the restriction on 41 items along with other measures imposed by the fiscal and monetary authorities has helped to promote the recovery.
“In fact, recommendations are being made to the CBN that the list of 41 items be expanded to include other additional items that can be locally produced.”
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