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CBN Bans Sale of Forex To BDCs Operators

Central Bank of Nigeria (CBN) says it has stopped sales of foreign currency to Bureau De Change Operators in the country.

The apex  Governor,  Godwin Emefiele stated this at the end of the monetary policy committee meeting in Abuja on Tuesday.

Emefiele said the Bank received about 5,000 applications every month for BDC registration, adding that the operators are making efforts to dollars the Nigerian economy.

The CBN Governor said the operators have become a conduit for illegal financial transactions and workign with corrupt people to conduct money laundering.

“They have turned themselves away from their objectives,” he said.

“They are now agents that facilitate graft and corruption in the country.

“We cannot continue with the bad practices that are happening at the BDC market.”

Emefiele also said that there is evidence of prevailing ownership of several BDCs by the same promoters to procure multiple FX from he apex bank.

“Several international organisations, embassies patronise BDC through illegal forex dealer to fund their institutions,” he added.

“We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them.”

CBN will henceforth channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands, he added

He also mandated banks to sell forex to every customer.

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