On account of the flailing economic situation in the country, the Central Bank of Nigeria, CBN, is making fervent attempts to redeem what is left of the Nigerian Naira and possibly reverse the effect of the inflation on the economy.
One of those includes the new Special Bills which has been described will help efforts in deepening the financial markets and will provide an additional liquidity management tool. Existing ones include Treasury Bills, Bonds, Stocks, and other similar instruments.
Another directive was also announced concerning domiciliary accounts, the CBN has advised all account holders of domiciliary accounts to shy away from selling off their proceeds at the black market, and to restrict all derivatives from the export of goods from within the country for business purposes only. In addition, extra remittances should be traded on the Investors & Exporters window.
The statement was signed by the Director for Trade & Exchange Department, Dr S.O Nnaji.
