As the Naira continues to lose its value against the dollar, the Central Bank of Nigeria, CBN is planning to stop the the sale of dollars for imported goods that are already being manufactured in the country.
According to the CBN Governor, Godwin Emefiele, this will help reduce the pressure on the naira in the continuous drop in oil prices which seems to be affecting everything.
The CBN devalued the Naira in November and raised the benchmark interest rate to a record 13%. It also banned the use of dollars purchased at its twice-weekly auctions for the importation of items including electronics, telecommunication equipment and generators.
He went on to say the CBN may have to stop allocating dollars for the importation of certain category of items, such as rice, that can be produced in the country.
In other words, importing rice is not being banned but CBN will no longer provide foreign exchange for such importation.
Hmnnn...will this truly help?
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