In an attempt to free the nation’s currency, Naira from demand pressure, the Central Bank of Nigeria (CBN) has banned importers of rice, cement and 38 other products from purchasing dollars from the foreign exchange market.
The Street Journal learnt that the decision was taken by the apex bank as a measure to stem further depreciation of the naira. There are strong indications however,that the policy measure would no doubt precipitate a drastic jump in the prices of the two essential commodities in Nigeria as the market forces react to the development.
Details later
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