L
LequteMan
Guest
According to Nigeria's Vice President Yemi Osinbajo, Nigeria will keep foreign currency restrictions for now to preserve the country’s currency reserves amid falling oil revenues but the Central Bank of Nigeria will ease the rules in the long-term.
The current "restrictions are definitely short term. There is no question about that," Vice President Yemi Osibanjo told newsmen late on Saturday, Reuters says.
"So, long term, we expect that the central bank will ease restrictions as we go along." he said.
The CBN Governor, Mr. Godwin Emefiele, had defended its decision to tighten foreign exchange controls by excluding 41 items from the interbank forex market a few months ago.
The decision had led to less imports into the country and has affected a lot of businesses.
Experts are calling for CBN to ease the tight control on the currency and expect the apex bank to devalue the naira.
The current "restrictions are definitely short term. There is no question about that," Vice President Yemi Osibanjo told newsmen late on Saturday, Reuters says.
"So, long term, we expect that the central bank will ease restrictions as we go along." he said.
The CBN Governor, Mr. Godwin Emefiele, had defended its decision to tighten foreign exchange controls by excluding 41 items from the interbank forex market a few months ago.
The decision had led to less imports into the country and has affected a lot of businesses.
Experts are calling for CBN to ease the tight control on the currency and expect the apex bank to devalue the naira.
