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‘Importers will source FX from Ghana, others if CBN stops funding banks’

Stakeholders in the maritime industry have said the Central Bank of Nigeria’s (CBN) plan to stop the sale of foreign exchange (FX) to commercial banks will drive importers to source funds from the Republic of Benin, Ghana and Togo.

They said the plan would lead to a massive movement of funds outside the country, as well as affect the economy negatively.

The President of the Shippers Association of Lagos (SAL), Jonathan Nicol, stated that the planned stoppage of forex to commercial banks has led to panic buying of foreign exchange and could cripple the economy. See more

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