Breaking: CBN Stops Selling FOREX To Bureaux De Change

Breaking: CBN Stops Selling FOREX To Bureaux De Change

The Central Bank of Nigeria (CBN) on Tuesday stopped the sale of foreign exchange to bureaux de change.

The apex bank also accused international bodies operating in Nigeria of sabotage.

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

He also said CBN will no longer renew the licenses of BDCs.

Emefiele also accused international agencies and embassies operating in Nigeria of illegally patronizing BDCs.

According to him, international development finance institutions, embassies and others are supposed to patronize the importer and exporter window, where there is transparency.

Henceforth, the previous allocation of foreign exchange to BDCs will now be given to banks to sell to customers.

In addition, the CBN governor accused BDCs of dollarisation of the Nigerian economy.

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

Details later…..

Oyetoro

Oyetoro

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