Former Governor of the Central Bank of Nigeria, CBN, Professor Charles Soludo has faulted the implementation of the Treasury Single Account, TSA by the Federal Government as well as the policy regime of foreign exchange restrictions of the CBN.

Activities at the retail segment of the official foreign exchange market were grounded, yesterday, as end users avoided bureaux de change (BDCs), to avoid submitting their Biometric Verification Number (BVN) for foreign exchange transactions.

AT the recent Financial Times Africa Summit in London Governor of the Central Bank of Nigeria (CBN) Mr Godwin Emefiele, defended his foreign exchange policy, which has tended towards administrative controls since the begining of this year. He had contended that the policy had so far ensured relative stability in the foreign exchange market and the value of the Naira against major world currencies.

Nigerians generally believe that large foreign reserves are useful for defending the exchange rate of the naira. However, our total foreign reserves actually comprise of two primary income streams; the first is the Excess Crude Account (ECA), which consists of all crude oil revenue in excess of budget estimates