The Central Bank of Nigeria (CBN) has banned the sale of dollars to some importers at its Retail Dutch Auction System (RDAS), otherwise known as the official market.
According to the bank, the ban is in view of the threats to exchange rate stability as a result of the declining crude oil prices,
The set of importers include electronics, finished products, information technology, generators, telecommunication equipment, and invisible transactions.
CBN announced the move in a circular posted on its website on Thursday.
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It said the measures were aimed at strengthening the naira.
“In order to maintain the existing stability in the foreign exchange market and to further strengthen the various policy measures already initiated by the CBN, the importation of these items shall henceforth be funded from the interbank foreign exchange market only,” read the statement, which was signed by O. I. Gbadamosi, director, trade and exchange department.
Earlier, in a circular issued on October 28,2014, CBN had banned the commercial banks from selling CBN intervention funds in the interbank market to Bureaux de Change (BDCs), in a bid to further control the interbank market operations.
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