Nigeria Central Bank Cuts Flow of Dollars to Money Changers

Godwin Emefiele, Governor, Central Bank of Nigeria

Nigeria’s central bank stopped selling foreign exchange to money-changers as it struggles to stabilize the naira amid a plunge in oil prices that have hit government finances.

“Operators in this segment of the market would now need to source their foreign exchange from autonomous source,” Central Bank of Nigeria Governor Godwin Emefiele said in an e-mailed statement on Monday. “They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws.”

Emefiele, 54, also lifted a ban on foreign-currency deposits, ending a six-month embargo on banks from receiving dollar deposits from customers.

Read more: Nigeria Central Bank Cuts Flow of Dollars to Money Changers – Bloomberg Business

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