Following the deep slide of crude oil prices from $140 per barrel in 2013 to the current trading just below $40 per barrel the Central Bank of Nigeria (CBN) made bold, proactive moves to protect the economy from spiralling into chaos. First of all, the CBN sought to preserve our foreign reserves and steady the value of the Naira by prohibiting the sale of foreign exchange for the importation of items that can be produced in Nigeria. It also strove to make foreign exchange available to manufacturers to import machineries and other intermediate goods to keep their production lines running.
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