CBN Cries Out Over Acute Shortage Of Foreign Currencies

Central Bank of Nigeria (CBN) has admitted that Nigeria is facing an acute shortage of foreign currencies to meet its genuine import demands.

The apex bank director, Godwin Emefiele made this known at the 2022 retreat of the bankers committee last Friday in Lagos.

He asked the banking community to provide solution to meet the shortfall by thinking outside the box.

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CBN Says It Has Started Distributing New Naira Notes To Banks

The country’s external reserves had dropped sharply from $40.5 billion in January this year to $37.12 billion last month.

According to the CBN Governor, Nigeria could no longer delay resolving issues inhibiting non oil exports to generate more foreign exchange.