According to industry analysts, this is set to reduce pressure on the naira amidst falling oil prices and possible dollarization of the economy. These analysis were discussed on local newspaper, The Punch.
The Central Bank will no longer sell dollars to importers of finished products, electronics, telecommunication equipment and invisible transactions at its
Retail Dutch Auction system forex market. Such transactions will now be funded at the Interbank forex market only.
The circular, signed by Mr O.I Gbadamosi, the Director, Trade and Exchange Department, stated the new directive. “In order to maintain the existing stability in the foreign exchange market and further strengthen the various policies already initiated by the CBN, the importation of the items shall henceforth be funded from the Interbank foreign exchange market only”.
The CBN has reduced the remunerable daily placements by banks and discount houses at the Standing Deposit Facility. The current maximum for all deposits is $45.3billion.
This review seeks to encourage banks and discount houses to offer loans to productive sectors of the economy.
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