On Tuesday July 27, the Central Bank of Nigeria (CBN) announced immediate discontinuation of Foreign Exchange (forex) sales to Bureau de Change (BDC) operators in the country and licensing of new BDCs.
Just hours after the announcement, the naira fell slightly against the dollar at the parallel market.
According to the CBN Governor, Godwin Emefiele, the decision was due to the unwholesome practices of the BDCs, which he said had continued to put enormous pressure on the Naira.
He said henceforth, the apex bank would sell forex to deserving Nigerians through the commercial banks.
Gist Nigeria takes a look at the ban and how it will affect the economy.
Gist Nigeria is a 30-minute current affairs programme, co-produced by Channels Television and the BBC. The program offers in-depth reporting, focusing on stories behind the news and their impact on its audience.
Gist Nigeria airs at 9pm on Wednesdays on
Channels TV and Channels 24 (UK) on Sky 518.
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