Nigeria Central Bank Will Close Illegal Import Foreign Exchange Control Merchandise Company Account

According to Reuters reported on June 14th, the Central Bank of Nigeria said on the same day, for the implementation of foreign exchange control of the 43 commodities, once found that the enterprise illegal import its entry, the central bank will have the right to close the accounts of these enterprises to limit their foreign exchange spanactions.

In order to boost foreign exchange reserves and promote economic diversification, the Central Bank of Nigeria imposed foreign exchange control on 41 kinds of commodity imports in 2015, and then expanded to 43 categories, ranging from rice, textiles to private aircraft and other fields.