CBN Stops Selling Dollars to BDCs, to Sell Directly to Banks

July 27, 2021
19 Views
Dollars

The Central Bank of Nigeria has said it will no longer sell dollars to Bureau De Change operators (BDCs).

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

He said Forex will only be supplied to banks henceforth.

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.

You may be interested

News
9 views

Updated: Sanwo-Olu signs anti-open grazing bill into law

Webby - September 20, 2021

By Oyebola Owolabi - Advertisement - Lagos Governor Babajide Sanwo-Olu has signed the Anti-Open Grazing bill into law. The law…

Polytechnic students protesting exams suspension shot in Jos
News
4 views
News
4 views

Polytechnic students protesting exams suspension shot in Jos

Webby - September 20, 2021

Several students of Plateau State Polytechnic,  Jos campus, were on Monday “shot by military personnel” during a protest at their…

Kogi bandit: NSCDC dissociates from viral video of arrested suspect
News
6 views
News
6 views

Kogi bandit: NSCDC dissociates from viral video of arrested suspect

Webby - September 20, 2021

The Nigeria Security and Civil Defense Corps (NSCDC) has denied a viral video clip of one Abdullah Saidu, who claimed…

Leave a Comment

Your email address will not be published.