CBN to stop Dollar sales to Banks – Emefiele

Governor of Central Bank, Godwin Emefiele has disclosed that the apex will stop the sale of foreign currency to other banks by the end of the year.

Emefiele made this know at a press conference in Abuja on Thursday. He said the decision was made after consulting with the bankers’ committee.

He noted that banks should get export revenues from exporters in order to provide services to their consumers (importers).

“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,” he said.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again go and generate their export proceeds.

“When those export proceeds come, we will fund them at 5 percent for you, and they will earn rebait. Then you can sell those proceeds to your customers that want 100 million dollars. But to say you will continue to come to the Central Bank to give you dollars, we will stop it.”