CBN stops forex sale to BDCs

July 27, 2021
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By Uche Usim

Central Bank of Nigeria CBN Governor Mr Godwin Emefiele on Tuesday disclosed that foreign exchange sales to Bureau De Change (BDC) operators in the country have ceased.

The CBN Governor, who made the disclosure at a media briefing after the July Monetary Policy Committee (MPC) meeting of the bank, noted that the BDCs have become a fulcrum for corrupt Nigerians to launder money and wreck the economy.

He also described them as conduits for fraudsters to conduct illicit flows all to the detriment of the country.

He also announced that the Monetary Policy Committee (MPC) of the apex bank has retained all policy parameters, leaving the Monetary Policy Rate (MPR) at 11.5 per cent; asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.5 per cent; and Liquidity Ratio at 30 per cent.

On ending Forex supplies to BDCs, Emefiele said the apex bank can no longer fold its hands and allow their unwholesome practices to blossom.

He noted that the forex hitherto allocated to them will now be channelled to Deposit Money Banks (DMBs) to manage.

He warned banks not to hoard Forex as customers have been asked to contact the apex bank and report such intolerable acts.

Emefiele said that the move was not punitive but to ensure financial stability.

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