Problems relating to Trade and Investment on Nigeria
12. Exchange controls |
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Issue |
Issue details |
Requests |
Reference |
| (1) Difficult Conversion of NGN into Foreign Currencies | - GON disallows conversion of Nigerian Naira (NGN) into foreign currencies such as the U.S. dollars (USD). Moreover, withdrawal in USD from the bank account in Nigeria to which remittance is made in USD is allowable only when the statement giving the reason for remittance is accepted by GON. Otherwise withdrawal is possible only in NGN. | - It is requested that GON deregulates the restrictions. | |
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