CBN To Supply FOREX Only To Banks – Emefiele Says

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Central Bank of Nigeria (CBN) Governor, Godwin Emefiele
Central Bank of Nigeria (CBN) Governor, Godwin Emefiele
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The Central Bank of Nigeria has announced that Forex will only be supplied to banks as all sales to Bureau De Change operators (BDCs) have been discontinued.

CBN Governor, Godwin Emefiele made this revelation during a Monetary Policy Committee (MPC) meeting on Tuesday, July 27th.

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele

Emefiele disclosed that the apex bank had to make this move because of the suspicious activities of BDC operators and their utter disregard for CBN exchange rate policies.

He expressed disgust at the weening greed of BDC operators seeking to make abnormal gains at great risk to the country’s financial system.

He listed several offences committed by BDC operators which include subversion of the CBN’s cashless policy, Dollarization of the Economy, prevailing ownership of several BDC by the same owners in order to get multiple FX and ‘regrettably,’ international organisation and embassy patronage of illegal forex dealers.

The MPC also expressed confidence in the directive adding that it was a step in the right direction.

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