By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Monday changed the foreign exchange (FOREX) rules and has directed bank customers to pay cash into their local accounts.

According to Godwin Emefeile, governor of the CBN, the apex bank will no longer sell FOREX directly to Bureau De Change operators in the country.

This is part of the neasures by the Central Bank to reduce the pressure on the naira, which has been under pressure against major foreign currencies in the parallel market.

Nigerian Deposit Money Banks a couple of months back began rejecting FOREX deposits into domiciliary accounts due to the fact that the level of FOREX they had in their vaults was above the optimum level that they could manage.Click here to view full press release