• CBN orders banks to sell 60% forex to manufacturers

    CBN orders banks to sell 60% forex to manufacturers

    The Central Bank of Nigeria (CBN) has ordered banks to sell not less than 60 per cent of foreign exchange (forex)  to manufacturers for importation of their raw materials, plants and machinery.

    This is contained in a circular by W D Gotring, the acting Director, Trade and Exchange Department, to all authorised dealers and the general public.

    The apex bank, in a circular entitled,  “Foreign exchange sales to end users”, lamented that “it has been noticed that negligible proportion of the foreign […]