In a bid to save the Nigerian economy, check the continuous depreciation in value, of the Naira and also the act of money laundering by public office holders, the CBN has banned the importation of US Dollars into the country, unless the amount to be imported is approved. Some other speculations are that the withdrawal of the operating licenses of 20 Bureau de Change (BDCs), found to have purchased and sold huge sums of United States dollars with no proper documentation to show details of the transactions, may have given the CBN more reason to take this decision.
'Hope this helps to reduce the incidence of money laundering by those corrupt government officials'
Posted by Tolu.
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