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CBN rules out plans to introduce capital control

16 March 2015, 12:32

Abuja - The Central Bank of Nigeria has dismissed reports that it plans to introduce capital controls in the face of the current economic challenges affecting the nation, Punch reports.

The governor of the Central Bank of Nigeria, Godwin Emefiele, said capital control is a phrase used to describe a phenomenon where when investors bring in capital to a country, there may be some restrictions preventing them from liquidating the investment whenever they decide to do so.

Also read: CBN re-assures on safety of Nigerian banks

He said although several people had asked him if the CBN was planning to introduce capital control, such a move was not being considered as the plan was for Nigeria to remain a free entry and free exit market.

Read more at Punch

- News 24


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