Abuja - The Central Bank of Nigeria on Tuesday stopped the sales of foreign exchange to importers of rice, private jets, textiles, tomato paste, poultry products and others, Punch reports.
The CBN, in a circular dated June 23, 2015, stated that the implementation of the policy would help to conserve foreign reserves and facilitate the resuscitation of domestic industries as well as generate employment.
Also read: CBN says foreign reserves rises to N29.6bn
The circular stated that it was imperative to exclude importers of some goods and services from accessing foreign exchange at the Nigerian foreign exchange market in order to encourage local production of the items.
The CBN Governor, Godwin Emefiele, had a few months ago said the bank would bar importers of toothpicks, rice and other products from accessing forex at the nation’s forex markets.
Read more at Punch
- News 24