The Central Bank of Nigeria, CBN, on Thursday, July 2, limited transactions at the foreign exchange market to $5,000 per customer a day.
This is coming even as the naira traded at 230 to the dollar at the parallel market, on Thursday, July 2, as against 222 to the dollar last week It traded at 196.95 at the interbank from 199.40 a week ago.
A trader who spoke on the development, said: “Since the central bank introduced the new measure, exempting some items from access to official forex market, pressure has continued to mount on the parallel market and we see this trend continuing in the near term.”
The apex bank has also stated the unwholesome practice of movements of huge foreign currency cash across Nigerian borders by individuals and corporate bodies without compliance to extant law of declaration to the appropriate authorities.