According to a Reuters report on June 14, the Central Bank of Nigeria stated on the same day that for 43 commodities subject to foreign exchange controls, once it is found that any company has imported them into the country in violation of regulations, the Central Bank will have the right to do so. Close the accounts of these businesses to limit their foreign exchange transactions.
In order to boost foreign exchange reserves and promote economic diversification, the Central Bank of Nigeria implemented foreign exchange controls on the import of 41 commodities in 2015, and later expanded it to 43 commodities, covering everything from rice , textiles to private jets and other fields.
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