“Nigeria Lost $1.4bn In 8 Years Due To CBN Ban On 43 Items” – CBN Governor, Olayemi Cardoso

 

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has clarified that the 43 items were never specifically prohibited from importation or sale in Nigeria.

Cardoso gave this clarification at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday in Lagos.

He, however, explained that the apex bank had implemented restrictions on accessing foreign exchange for the importation of these items.

He said:

“Allow me to provide further clarification on the issue of the 43 items.

“Firstly, it is important to note that these items were never outrightly banned by the government.

“The CBN had imposed restrictions on their access to foreign exchange in the official market.

“However, these restrictions resulted in increased demand for foreign exchange in the parallel market, leading to the depreciation of the exchange rate in that segment of the Nigerian Foreign Exchange Market and widening the premium between the parallel and official market.”

The post “Nigeria Lost $1.4bn In 8 Years Due To CBN Ban On 43 Items” – CBN Governor, Olayemi Cardoso appeared first on Naijaloaded | Nigeria's Most Visited Music & Entertainment Website.



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