CBN and the plenty FOREX rules is our lives getting any better in Naija?

No doubt, the current regime at the Central Bank of Nigeria, CBN, will go down in history as the regime with the highest turnover of policies, rules, regulations and guidelines in the annals of foreign exchange management in Nigeria so far.

This, according to banking industry operators, stem from the fact that CBN has rolled out more than 20 of such decrees in 2015 alone, whereas on average they usually get less than five. In fact in December 2015 alone three policies were rolled out.

CBN can appear to be under pressure, But cannot deny that the effects of all the reserves, oil prices, dasukigate and other related issues are not forseen when all this were happening in 2015.

Who is suffering? Of course SME's and the many business that depends on import to survive. Every thing will go on the increase no doubt because while people cant import with high exchange rate, the rest goods goes at high prices and well ... the law of demand and supply sets in.

New policy this week says CBN will no longer sell to BDC, Now BDC will hike the Dollar prices which means it will become an official Black Market (Sourcing for them is Black Market and Buying by Citizens is Black Market)

Well as we all know - Black Market is never Cheap....

CBN - which way forward?

Someone asked, what is the CBN Governor still doing keeping his Job?

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