On Monday, 22nd of August 2016, the Central Bank of Nigeria (CBN) ordered only the banks to set aside 60 percent of their total foreign exchange purchases from all sources including interbank to manufacturers, while other users get 40 percent for the purpose of trade and other transactions.

“Against this background and in order to address the observed imbalance, the authorised dealers are hereby directed to henceforth dedicate at least 60 percent of their total foreign exchange purchases from all sources (interbank inclusive) to end users, strictly for the purposes of importation of raw materials, plant and machinery. The balance of 40 percent should be used to meet trade obligations, visible and invisible transactions.”

This was sent through a circular titled “Foreign exchange sales to end users” signed by the Acting Director, Trade and Exchange Department, W.D. Gotring. He also stated that the banks should continue to publish weekly sales of foreign exchange to end users in the national newspapers and to provide legal returns on same to the CBN promptly.

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