CBN stops sale of forex to Bureau De Change Operators

The Central Bank of Nigeria CBN has made a drastic decision as regards FOREX in Nigeria.
It ordered immediate stoppage of sale of forex to Bureau De Change operators in Nigeria
The announcement was made on Tuesday by the CBN Governor, Godwin Emefiele in a communique from the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja.
He added that the drastic decision was made on account of unwholesome  practices of the BDCs, which he said had continued to put enormous pressure on the Naira.
He said , henceforth, the apex bank would sell forex to deserving Nigerians through the commercial banks.
” 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 ordered commercial banks to ensure that every qualified customer got their forex demand, adding that any bank found going against the new system would be punished
“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- ” he said.

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