ANALYSIS: CBN forex ban will likely raise prices further. Here's how it'll affect you

Some worry the move may further weaken the naira, but experts say the policy is necessary to curtail illicit forex activities.

An economist, Paul Alaje, said the policy, if well implemented, will ultimately be beneficial although the immediate impact may be negative for the Naira.

“BDCs have now become where people can access dollars and speculate as to when it will increase so there has been a lot of grand treason. Also, a financial analyst, Ayodeji Ebo, said the policy if not well implemented may increase inflation and also decrease the standard of living of Nigerians. Another economist, Babatunde Moses, also predicted that Nigerians are likely to experience additional inflationary pressure in the short term because BDCs are major sources of forex to the general public.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

PremiumTimesng /  🏆 3. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BREAKING: CBN bans sales of forex to BDCsThe regulator will henceforth sell dollars and other foreign currencies directly to commercial banks, which have been mandated to sell to Nigerians.
Read more »

CBN bans forex sales to Bureau De Change operatorsThe Central Bank of Nigeria (CBN) has banned the sale of dollars to Bureau De Change operators.
Read more »

Breaking: CBN Suspends FOREX Allocation to BDCsHalts further processing of BDCs’ application for FOREX, licensing of operators FOREX sale now to be conducted by banks Retains interest rate at 11.5% By James Emejo The Governor of the Centr…
Read more »

Naira falls after CBN stops forex sales to BDCsThe CBN says it will not sell dollars to BDCs because they had become a conduit for illicit forex flows and graft.
Read more »

CBN Suspends Sale of FOREX to BDCs*Halts further processing of BDCs’ applications for FOREX, new licences *FOREX sale now to be conducted by banks *Retains interest rate at 11.5% James Emejo in Abuja Citing various regulatory…
Read more »

Naira May Slide As CBN Bans Forex Sale To BDCsThe Naira is set to further depreciate in value as the Central Bank of Nigeria (CBN) yesterday stopped sale of foreign exchange to Bureau de Change
Read more »