Experts Okay Foreign Exchange Restrictions

Some financial experts
have said that the new directive to stop sales of dollars by Central Bank of Nigeria (CBN) to bureau de change operators would check illegal activities in the market.      They told newsmen in Lagos that the decision might be due to some suggestions by IMF Managing Director, Ms Christine Largarde, during her visit to Nigeria.
Recall that the country’s external reserves dropped to 28.19 billion dollars on January 8 from 29.07 billion dollars on December 31, 2015, a reduction of 88 million dollars in the first week of 2016.
Largarde, during a four-day visit to the country, had directed the CBN to be flexible in its foreign exchange operations.
Meanwhile, the Zamfara Government has said that it would adopt the Treasury Single Account (TSA), as part of its efforts to eradicate corruption in the state.
The state Commission for Information, Alhaji Umar Bukkuyum, made the disclosure at a news conference in Guasau.
Bukkuyum said the said government had set-up a seven-man committee towards achieving the objective.
He said the committee to be headed by the governor would also have the commissioners for Finance, Commerce and Industry as well as Local Government and Chieftaincy Affairs as members.