Connect with us


CBN halts sale of Forex to Bureau de Change operators


CBN stops sale of FOREX to BDC operators

The Central Bank of Nigeria on Tuesday announced that it would no longer permit the sale of foreign exchange to bureaux de change operators in the country.

Speaking shortly after the Monetary Policy Committee (MPC) meeting, CBN Governor, Godwin Emefiele, accused the BDCs of deliberate economic sabotage and misusing the weekly $20,000 allocation to them.

MORE READING!  US court orders release of Tinubu's academic records to Atiku

Tribune reports that Emefiele announced that the apex bank would no longer renew licences of BDC operators in the country.

Emefiele further accused international agencies and embassies operating in Nigeria of illegally patronising BDCs.

The CBN governor also accused international bodies operating in Nigeria of sabotage, noting that the international development finance institutions, embassies and others are supposed to patronise the importer and exporter window, where there is transparency.

MORE READING!  Strike: FG increases wages of civil servants

Having accused the BDC operators of dollarisation of the Nigerian economy, Emefiele added that the previous allocation of foreign exchange to BDCs will now be given to banks to sell to customers.

Some other allegations against BDCs are that: they have become an avalanche of rent-seeking operators; owners owning multiple BDCs and financing unauthorized transactions.

MORE READING!  BUA reduces cement price to N3,500 per bag

More to come…