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CBN to sanction banks for forex rule violation

25 June 2015, 13:25

Abuja - The Central Bank of Nigeria said Deposit Money Banks and Bureaux de Change that sell foreign exchange to importers of rice, toothpick, tomato paste and private jets, among others, into the country will be sanctioned, Punch reports.

The CBN Governor, Godwin Emefiele, stated this on Wednesday during a special media briefing held in Abuja to explain the rationale behind the new policy banning the sale of forex for the importation of some items.

Also read: CBN stops forex sales to importers

The bank had on Tuesday issued a circular stopping the sales of foreign exchange to importers of 40 times.

Emefiele explained that the change in policy was in line with the government’s long held believe that Nigeria could not attain its true potential by importing everything.

Read more at Punch

- News 24

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