News is timeless

CBN Bans Forex Sale To Bureau de Change Operators


The apex bank yesterday announced the immediate discontinuation of the sale of foreign exchange to BDC operators, saying they have become a conduit for illegal financial flows working with corrupt people to conduct money laundering in Nigeria.

The CBN also suspended the issuance of new licences to money changers across the country with immediate effect.

In a statement issued by Governor Godwin Emefiele, during a media briefing at the end of the monetary policy committee (MPC) meeting yesterday, said that henceforth the apex bank would sell forex to deserving Nigerians through the commercial banks.

This confirms Ourtimes earlier story on the need to harmonise the multiple exchange rates in operation, a situation that worried multilaterals and foreign portfolio investors (FPIs).

The CBN has sold a minimum of $5.3 billion to BDC operators in the 11 months between September 2020 (when the CBN resumed sale of forex to BDC operators post-COVID-19) and July 2021.

The CBN had since last September been supplying a minimum of $120 million to the over 6000 licenced BDCs in the country at $20,000 to each operator every week.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More