CBN Stops Sale Of Forex To BDCs

The Central Bank of Nigeria (CBN) has announced immediate discontinuation of the sale of Foreign Exchange (forex) to Bureau de Change (BDC) operators in the country.

CBN Governor, Godwin Emefiele made this announcement on Tuesday while presenting a communique from the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja which held on Monday.

Emefiele expressed that the decision was informed by the unwholesome business practices of the BDCs, which he said had continued to put enormous pressure on the Naira.

He stated that, henceforth, the apex bank would sell forex to deserving Nigerians through the commercial banks.

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”The BDCs were regulated to sell a maximum of 5000 dollars per day, but CBN observed that they have since been flouting that regulation and selling millions of dollars per day.

“The CBN also observed that the BDCs aid illicit financial flows and other financial crimes. The bank has thus, decided to discontinue the sale of forex to the BDCs with immediate effect.

“We shall, henceforth, channel all forex allocation through the commercial banks,” he said.

He urged the commercial banks to ensure that every deserving customer got their forex demand, adding that any bank found circumventing the new system would be sanctioned.