Thewill Exclusive: Cbn Rejigs Forex Rules, Bank Customers To Now Deposit Cash Into Accounts


SAN FRANCISCO, January 10, (THEWILL) –THEWILL can authoritatively report that the Central Bank of Nigeria (CBN) has perfected plans to rejig forex restrictions‎ in the country.

According to a top government source, who spoke exclusively to THEWILL, the new rules will allow customers deposit foreign exchange in cash directly into the local banks while the CBN will no longer sell forex directly to Bureau De Change operators in the country.

The rules, THEWILL gathered, are part of the steps being taken by the CBN to reduce the pressure on the naira, which has been under pressure against major foreign currencies in the parallel market.