Dr. Hassan Mahmud, Director Monetary Policy at the Central Bank of Nigeria said the apex bank has a robust mechanism to ensure Deposit Money Banks comply to the new FX regime.

He also admits that the Central Bank of Nigeria cannot meet all the supplies of FX for the entire country but it will prioritize the allocations of dollars sales to commercial banks to meet legitimate FX demands.

He also claims ban of sales of FOREX to BDCs will improve the Naira as the different rates on FX window will converge.