A message to Nigerian banks by the high priest of Nigerian banking: “The era is coming to an end when because your customers need $100 million in foreign exchange or $200 million, you now want to go to the CBN and pack all the dollars. It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again, go and generate from export proceeds,” Central Bank of Nigeria governor Godwin Emefiele.
The Nigerian forex crisis is spiraling out of control in defeat to the stringent policies initiated by the Central Bank of Nigeria (CBN) to tackle it.
The backdrop is not only evident in rising inflation rate, now 20.52%; it is also visible in its bearing on international transactions. The CBN has continued to limit the amount of dollars that Nigerians can spend on international POS. But that, like every other initiative it has taken, has failed to ameliorate the forex crisis.
Now banks are completely running out of dollars even though the CBN had earlier in the year, halted supply to Bureau de Change operators, opting to supply dollars to banks that will in turn sell directly to customers.
If the CBN does it, what that means is simple: you cannot run a manufacturing business in Nigeria which uses imported raw materials without having a clear strategy to deepen exports. In other words, every business in Nigeria which uses foreign inputs should have a foreign desk that can receive foreign currencies.
This is not a radical playbook. In Tekedia Capital, we encourage our startups to do everything necessary to earn US dollars, Euro, Pounds, etc even as they pack Nairas. Our thesis has been clear: Nigeria’s economic growth is slower than population growth, and within years, most of the big brother policies in Nigeria will stop working. Only companies that take charge of their futures will remain and thrive.
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Nigeria’s Forex Crisis: First Bank to Suspend Int’l Transactions on Naira Cards

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Ndubuisi Ekekwe, PhD, Chairman of FASMICRO Group, is the Lead Faculty in Tekedia Mini-MBA. He writes regularly in the Harvard Business Review. Email: [email protected]
It’s actually radical here, because it means having a banking industry that understands banking, which presently is not the case.
It is not collection of deposits, approving withdrawals and disbursement of loans that make a banking institution; even women groups in the villages do such tasks more efficiently.
We need a banking industry that knows a thing about banking, that is not currently the case…
This CBN governor is the most confused I have seen in years
This CBN governor is the most confused I have seen in years
A good step
Until drastic steps are taken in the right direction, the forex issues in Nigeria would continue to be in deplorable state.
Let there be a more liberal condition for export of product and services to boost forex income.
The easiest way to solve the problem of foreign exchange crises in Nigeria is to encourage exports. We have a lot of products to export but the means to export them is not there. What I think the government should do right now is to assist local farmers and smes to export their products easily . if this is done things would automatically get balanced because there won’t be need for rushing of dollars any more
The CBN governor is something else
Supply of dollars is low and the demand is high
Which will lead to the fall of the naira
Bring back crypto
Nigerians will leave Dollars and go for it
Production of consumables and ease of export is needed internally. Local alternatives in production will be a result of research and development – A path that the Nigerian system is yet to imbibe.
We need to go local and develop local from the presidency to the ordinary man.
The reasonable thing for CBN to do is to float the naira to be traded in international forex market. That way naira will be bought and sold as a stock thereby relieving the pressure on CBN to provide dollars for international transactions.

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