Naira has hit a new record low, selling at N282 against the US Dollar.
The Central Bank of Nigeria reported that the figure is not good for the economy and plans are underway to stop selling the Naira to the bureau de change operators.
“This is a huge hemorrhage on our scarce foreign exchange reserves, and cannot continue,”said Central Bank Governor Godwin Emefiele.
The Governor added that foreign reserves are currently estimated at $28 billion compared with $37 billion in June 2014, and that the bureaux de change operators were depleting them at a rate of $28.4 million per week.
The NCB is also urging the banks to accept cash deposits of foreign currency reverses. This will relax strict foreign exchange policy that the government put in place to curb high liquidity ratio in the market.