10 Reasons why the CBN control Forex trading in Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria (CBN) controls Forex trading in Nigeria for the following reasons :
1. Manage exchange rates and maintain economic stability
2. Prevent currency fluctuations and inflation
3. Regulate international transactions and trade
4. Maintain foreign exchange reserves and manage liquidity
5. Prevent illegal activities, such as money laundering and capital flight
6. Promote economic development and growth
7. Protect the value of the Naira
8. Encourage foreign investment and exports
9. Manage the demand for foreign exchange
10. Allocate foreign exchange to priority sectors
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