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CBN lifts ban on deposit in foreign currency

Bundles of hundred dollar notesCommercial banks in Nigeria can now accept deposit in foreign currency once again as the Central Bank lifts the ban.

CBN governor Godwin Emefiele announced this on Monday 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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Emefiele says the bank will discontinue sale of foreign exchange to Bureau De Change operators as part of move to preserve the nation’s external reserves.

The apex bank boss said the BDCs operators are however allowed to source for forex from any other source that will not be contrary to the money laundering laws.

He said the apex bank could not contend with the enormous challenges and reduction of the external reserves.

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