The Central Bank of Nigeria may intensify its foreign exchange restriction on imported goods to ease pressure on external reserves and boost local production.
This was disclosed by the Managing Director, Access Bank, Herbert Wigwe, at the Bankers’ Committee meeting in Lagos.
According to Wigwe , the Committee decided that Cash Reserve Ratio should be channeled towards financing firms in the agriculture value chain and manufacturing.
The Committee also resolved to establish mobile courts to try abusers of the naira. The Apex bank Act of 2007 prohibits abuse of the local currency.