Recession: CBN Reviews Forex Limits to Bureau De Change

Posted by African Examiner Business News, Featured, Latest Headlines Tuesday, August 16th, 2016

ABUJA, NIGERIA (AFRICAN EXAMINER) – As parts of the measures to improve the country’s monetary policy, the Central Bank of Nigeria (CBN) has reviewed weekly collection of the licensed Bureau De Change to $50,000 as against former $30,000.

The new policy was announced Tuesday by the CBN’s Director, Banking Supervision Department Mrs. Tokunbo Martins while addressing journalists, after the Bankers Committee meeting at the CBN headquarters in Abuja.

Others at the briefing were the Managing Director, United Bank for Africa (UBA), Mr. Kennedy Uzoka; Zenith Bank Plc, Mr. Peter Amangbo; Jaiz Bank Plc, Mr. Hassan Usman as well as CBN Acting Director, Corporate Communications, Mr. Isaac Okoroafor.

The Nigerian economy has been in recession due to principle devaluation of naira; dearth of dollar, resulting to difficulty in importation; increase in cost of production and purchasing prices of household and industrial products.