The Central Bank of Nigeria said that the monthly supply of dollar in the forex exchange in the country has reduced to $600m to $700m per month.

This was said by CBN deputy gov. Mrs Seral Alade, whom appeared before an ad hoc committee iof House of Representative in Abuja. She made a revelation that this is the reason why the apex bank couldn’t meet up to the demand of forex exchange in the country particularly the importers of petroleum product.

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The ad hoc committee, which is headed by a member from Imo State, Mr. Nnana Igbokwe, is conducting a public hearing on the review of the pump price of petrol from N145 to N70.04 as proposed by the House.

The committee had summoned the Governor of the CBN, Mr. Godwin Emefiele, to respond to allegation by importers that the bank was denying them access to forex.

Source http://www.nairausd.com/2017/02/supply-of-forex-exchange-drop-to-600m.html