LAGOS — The Central Bank of Nigeria (CBN) has said that the introduction of the Biometric Verification Number (BVN) has led to reduction in the weekly sale of foreign exchange to bureaux de change by $100 million.

LAGOS — The inability of marketers to access foreign exchange from banks is said to be frustrating the importation of petroleum products, especially, premium motor spirit, PMS, or petrol, which is in very high demand in the county.

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.