CBN stops Selling FOREX To Bureaux De Change

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The Central Bank of Nigeria (CBN) on Tuesday stopped sale of foreign exchange to bureaux de change.

The apex bank also accused international bodies operating in Nigeria of sabotage.

The CBN governor, Godwin Emefiele, who spoke shortly after the Monetary Policy Committee (MPC) meeting, accused BDCs of deliberate economic sabotage and misusing the weekly $20,000 allocation to them.

He also said CBN will no longer renew licences of BDCs.

Emefiele also accused international agencies and embassies operating in Nigeria of illegally patronising BDCs.

According to him, international development finance institutions, embassies and others are supposed to patronise the importer and exporter window, where there is transparency.

Henceforth, previous allocation of foreign exchange to BDCs will now be given to banks to sell to customers.

In addition, the CBN governor accused BDCs of dollarisation of the Nigerian economy.

Some other allegations against BDCs are that: they have become an avalanche of rent seeking operators; owners owning multiple BDCs; and financing unauthorized transactions.

Credit: Nigerian Tribune.

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