Central Bank of Nigeria excludes importers from FX markets
Importers of toothpicks and private jets banned from FX markets
The Central Bank of Nigeria has banned importers and those looking to invest their money abroad from foreign exchange markets in a bid to relieve pressure on the naira.
Rules published on June 23 saw importers of a bewildering array of goods – from toothpicks to private jets – excluded from forex markets. Purchasers of foreign currency-denominated bonds and equities also face restrictions.
Nigeria has been hit hard by last year's drop in the price of oil. The naira fell sharply in value against
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