The Central Bank of Nigeria (CBN) has said it will no longer sell Foreign Exchange (forex) to Bureau de Change (BDC) operators in the country.

The bank’s governor, Godwin Emefiele, made this known on Tuesday, in a live broadcast where he presented a communique from the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja.

Mr Emefiele said that the decision was informed by the need to check the unwholesome business practices of the BDCs, which had put enormous pressure on the Naira.

He said henceforth CBN 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,” he said.

“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 international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.

He said the organisations have chosen to channel forex through the black market than use the official Investors and Exporters (I&E) window, called Nafex.

The governor urged the commercial banks to ensure that every deserving customer got their forex demand, and vowed to sanction any bank found flouting the new rules.

“Once a customer presents all required documentation to purchase forex, the commercial banks should ensure they get the forex,” he said.

“Any customer that is denied should contact the CBN on 0700385526 or through the email- cbd@cbn.gov.ng.

“This measure is not punitive on anyone, but it is to ensure the CBN is able to carry out its legitimate mandate of serving all Nigerians.”

Leave a Reply

Your email address will not be published. Required fields are marked *