After months of mounting pressure from economic analysts, small businesses, manufacturing concerns, the International Monetary Fund (IMF), and politicians such as Senate President Bukola Saraki, the Central Bank of Nigeria (CBN) monday relaxed some of its foreign currency controls by lifting its ban on foreign currency cash deposits in commercial banks.
The CBN Governor, Dr. Godwin Ifeanyi Emefiele disclosed this development in a press statement he personally signed and said the policy should be implemented effective immediately.
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