Center for Enterprise warns CBN of plans to stop currency sales

The Center for the Promotion of Private Enterprise (CPPE) on Monday warned the Central Bank of Nigeria (CBN) over the planned decision to halt the sale of foreign currency to banks in the country.

The apex bank said last week that it would stop selling currencies to banks by the end of this year.

This came about seven months after CBN halted the sale of foreign currency to Bureau de Change (BDC) operators in Nigeria.

CPPE Managing Director Muda Yusuf in a conversation with reporters in Lagos said the CBN’s action would further aggravate the problems, including trade disruptions, macro-economic upheavals and weakening consumer confidence. investors in the financial sector.

READ ALSO: Naira drops to 580 naira to the dollar as CBN set to halt selling currencies to banks

He said: “The CPPE would like to warn that the apex bank should carefully consider this proposal before its implementation due to the likely systemic shocks, trade disruptions, macroeconomic upheavals and weakening investor confidence.

“A much deeper and robust I&E forex window should be in place before the CBN can consider ending its FX interventions.”

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