The Central Bank of Nigeria has revealed that it would stop the sale of foreign exchange to banks by the end of the year.
CBN Governor, Godwin Emefiele, says the banks must begin to source their forex from export proceeds.
Emefiele says the decision is in line with the CBN’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.
He says Nigeria cannot continue to depend on FX earnings to fund its import obligations from revenue coming from earnings from products where we cannot determine both price and quantity.