Naira Crash: CBN Just Announced It Will No Longer Sell Dollars To This Category Of Importers

The Central Bank of Nigeria has stopped the sale of dollars to the following categories of importers at its twice-weekly regulated foreign exchange market in order to save the naira from falling.

The importers of the following items are affected. Electronics, Finished products, Information technology equipment, Generators, Telecommunication and Invisible Transactions.

The only way they can now buy dollars officially is through the Interbank markets which is more expensive than the DAS.

This move is basically a response to the fall of the naira following the drastic and continued drop in oil prices which has put tremendous pressure on the naira. The naira dropped to as much as N172 to the dollar on Thursday 6th November.

Here is the CBN Circular