When the Central Bank of Nigeria began to ration dollars due to the stringent situation of foreign exchange in the country, most Nigerians who are seeking renewal of VISA and e-commerce businesses did not know they will be caught in the web of the new policy.
The Central Bank of Nigeria began the struggle to fix Nigeria’s forex woes in 2020 when the COVID-19 pandemic impacted on oil prices.
A lot of pressure was exerted on the Nigerian forex earnings from oil which contributes over 90 per cent of forex proceeds.
The bank introduced several policies to contain the impact of the Naira which has lost over 36 per cent of its value from N305 to N416 per dollar.
Nigeria sorts foreign exchange obligations through the official Importer and Exporter Window and the parallel market rates.
But…
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