FOREIGN EXCHANGE RESTRICTION: BEFORE YOU CRITICIZE THE CBN.
Foreign exchange is the exchange of one currency for another, or the conversion of one currency into another currency. It also refers to the global market where currencies are traded virtually around-the-clock. The term foreign exchange is usually abbreviated as “forex” and occasionally as FX. Foreign exchange transactions encompass everything from the conversion of currencies by a traveler at an airport kiosk to billion naira payments made by corporate giants and government for goods and services purchased overseas.