CBN Bans Sales Of Foreign Currency To Bureau De Change Operators In Nigeria

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The central bank of Nigeria on Tuesday announce the Bans of Forex Sales To Bureau De Change Operators in the country.

The governor of the bank, Godwin Emiefele made these know at a press briefing after a meeting he held with Monetary Policy Committee of the bank, on Tuesday.

CBN Governor Godwin Emiefele

He said the N5. 7 billion allocated to BDCs had become unsustainable as $20,000 is allocated to over 5500 BDCs, amounting to $110million per week. Emiefele said BDC operators have become a conduit for illegal financial flows.

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“They have turned themselves away from their objectives. 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,” he said. He also said the CBN will no longer continue registration of new BDCs and current allocation will be channeled to commercial banks.All commercial bank branches will create a separate desk for sales of forex.

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