Central Bank of Nigeria (CBN) has banned the sale of forex to Bureau De Change operators (BDCs).
Godwin Emiefele, governor of the bank, announced the ban at a press briefing which held after a gathering of the Monetary Policy Committee of the bank, on Tuesday.
He stated the N5. 7 billion allotted to BDCs had turn out to be unsustainable as
$20,000 is allotted to over 5500 BDCs, amounting to $110million per week.
Emiefele stated BDC operators have turn into a conduit for unlawful financial flows.
They’ve turned themselves away from their aims.
Why CBN stop sales of Forex to Bureau De Change because they’re now agents that facilitate graft and corruption within the nation.”
We can not continue with the bad practices which are occurring on the BDC market,” he stated.
He additionally stated the CBN will now not proceed registration of recent BDCs and present allocation shall be channeled to industrial banks.
All industrial bank branches will create a separate desk for gross sales of foreign exchange.