Nigeria’s Forex Crisis: First Bank to Suspend Int’l Transactions on Naira Cards

The Nigerian forex crisis is spiraling out of control in defeat to the stringent policies initiated by the Central Bank of Nigeria (CBN) to tackle it. The backdrop is not only evident in rising inflation rate, now 20.52%; it is also visible in its bearing on international transactions. The CBN has continued to limit the amount of dollars that Nigerians can spend on international POS. But that, like every other initiative it has taken, has failed to ameliorate the forex crisis. Now banks are completely running out of dollars even though the CBN had earlier in the year, halted supply … Continue reading Nigeria’s Forex Crisis: First Bank to Suspend Int’l Transactions on Naira Cards