Buharinomics: Impact of CBN’s unorthodox monetary policy on businesses

In depth
This article is part of the dossier: Buharinomics

By Temitayo Lawal
Posted on Thursday, 21 July 2022 10:11, updated on Tuesday, 4 October 2022 17:48

Just a month after President Buhari's election in 2015, the Central Bank of Nigeria barred importers of certain goods and services from accessing the foreign-exchange market. The affected items cut across several sectors of the economy, especially agriculture, aviation, pharmaceutical, manufacturing and construction.

This is part 4 of a 5-part series

“Another part of that presidential directive also says that we should blacklist from the foreign exchange market and the banking industry all firms, their owners and their top management caught smuggling or dumping any of the restricted […] items into Nigeria,” said the CBN governor, Godwin Emefiele, at an event four years later, confirming the influence of the president on the policy.

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