The CBN Governor, Godwin Emefiele, also reiterated that the bank will increase its foreign exchange interventions by making sure that there is no shortage of forex for business transactions in the country.
The initial policy states that the cashless policy is operational only in 6 states of the federation, including Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory, FCT, Abuja.
No amount of dollar supply will meet Nigerians explicit and latent demand for dollar, so the only possible measure is the control of its demand.
The Central Bank of Nigeria, CBN, has approved a Special Secondary Market Intervention Retail Sales, SMIS, for airlines operating in the country to enable them to access foreign exchange.
Experts in the manufacturing sector have expressed support for the Minister of Finance, Kemi Adeosun’s call on the Central Bank of Nigeria, CBN, to lower interest rate so that government can borrow domestically to boost the economy without increasing debt servicing costs.
In what is the latest in a trend of frivolous and wasteful spending of tax payers’ money, the apex bank in April engaged the services of APCO Worldwide Inc., a public relations and political consultancy firm based in Washington DC, to help launder the image of President Muhammadu Buhari’s administration and the country in the United States.