Home FOREX CBN Lifts Restriction On Forex Deposits in Banks

CBN Lifts Restriction On Forex Deposits in Banks

The Central Bank of Nigeria has said Commercial banks can now accept deposit in foreign currency once again after it lifted the ban.

CBN governor Godwin Emefiele announced this on Monday, January 11 in Abuja saying the lift of the forex restriction was to allow the banks build liquidity in forex and meet some of their demands.

He said the ban was necessitated by what he called dollarization of the economy by many Nigerians.

 

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