The naira plunged into a swift freefall in the past few days until Nigerian authorities stepped in to halt its dramatic fall.
The naira dipped further, trading at N1,825 to a dollar, despite efforts by the EFCC to disrupt the activities of perceived manipulators and speculators.
In July, the Association of Nigerian Licensed Customs Agents (ANLCA) complained that floating the nation’s currency had caused a drop in vehicle importation in the nation’s ports.
“Payment of PTA/BTA by cash is no longer permitted,” the CBN said. “Authorised Dealers and the general public are hereby to note and comply accordingly.”
The agency said this in a statement signed by NAFDAC director-general Mojisola Adeyeye on Sunday.
“Also, there has been a drop in importation because things are really biting hard,” he said.
Mr Farinto listed bureaucracy, inconsistent policies and the continued slide of the naira as some of the factors.
