The Central Bank of Nigeria (CBN) on Monday announced the immediate cessation of the sale of foreign exchange (forex) to Bureau de Change (BDC) operators in the country.
Mr. Godwin Emefiele, the governor of the CBN, made the announcement Tuesday, during the presentation of a statement of the meeting of the Monetary Policy Committee (MPC) of the umbrella bank in Abuja.
Emefiele said the move was driven by the BDC’s unhealthy business practices, which he said continued to put enormous pressure on the Naira.
He said that from now on, the umbrella bank will sell currencies to deserving Nigerians through the commercial banks.
BDCs were regulated to sell a maximum of $ 5,000 a day, but CBN observed that they flouted this regulation and sold millions of dollars a day.
“The CBN also observed that BDCs aided illicit financial flows and other financial crimes. The bank therefore decided to stop the sale of forex to BDCs with immediate effect.
“We will now channel all currency allocations through commercial banks,” he said.
He urged commercial banks to ensure that every deserving customer gets their foreign exchange request, adding that any bank that circumvents the new system will be penalized.
“Once a client presents all the documents required to buy forex, commercial banks need to make sure they get the forex.
“Any customer who is refused should contact the CBN on 0700385526 or [email protected],” he said.
“The Nigerian News Agency (NAN) reports that stakeholders have called on the CBN and its MPC to take urgent action to stop the relentless depreciation of the Naira.
Recently, a former chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Okechukwu Unegbu, urged the MPC to focus on policy decisions that would curb rising inflation and stabilize the Naira. (NAN)
