The Central Bank has issued a new circular informing banning a list of 41 imported goods and services from accessing the official Nigerian Foreign Exchange Market. This is another hard-line position taken by the CBN to keep control of the demand of the dollar to as low as it possibly can.
Godwin Emefiele met with Dealers last Fridays over the current state of the forex market and information reaching us suggest the meeting may not have gone well. Dealers want more flexibility in the market whilst the CBN wants assurances that dealers will not out of their quest for profits commence another round of speculation that will drive up the price of the Naira.
Godwin Emefiele has been under pressure from foreign investors who want further devaluation before they can import money into Nigeria. The stock market has been adversely affected by the currency debacle as trading has remained largely bearish in the last few months.
Most analysts predict the Naira will eventually be devalued and the CBN is just making sure all loose ends are tightened before it does so. Whatever the case is, Godwin Emefiele is between a rock and a hard place and will probably incur the wrath of a lot of Nigerians and perhaps this Government if the Naira is further devalued.