JUST IN : CBN stops sale of foreign exchange to BDC operators
The Central Bank of Nigeria has said it will no longer sell foreign exchange to Bureau De Change operators.
The CBN Governor, Mr Godwin Emefiele on Tuesday announced this at the end of the Monetary Policy Committee meeting held at the CBN headquarters in Abuja.
Emefiele also said that the CBN will channel the sale of foreign exchange to banks henceforth, adding that all banks should create a teller point for sale and disbursement of forex to their customers.
The CBN governor said the apex bank received about 5,000 applications every month for BDC registration, noting that the operators are making efforts to dollarize the Nigerian economy.
Emefiele said BDC operators have become a conduit for illegal financial flows working with corrupt people to conduct money laundering in Nigeria.
He added that there is evidence of prevailing ownership of several BDCs by the same promoters to procure multiple foreign exchanges from the central bank.
Read Also: Nigerian banks are resilient, safe, sound -CBN
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.
“Once a customer presents all required documentation to purchase forex, the commercial banks should ensure they get the forex.
“Any customer that is denied should contact the CBN on 0700385526 or through the email- cbd@cbn.gov.ng,” he said.
The News Agency of Nigeria (NAN) reports that stakeholders have been calling on the CBN and its MPC to take urgent steps to halt the unending depreciation of the Naira.
Recently, a past President 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 stabilise the Naira.
(NAN)
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