Central Bank of Nigeria Bans Sale Of Foreign Exchange To BDC Operators
Jul 28, 2021 ·
1m 9s
The Central Bank of Nigeria has announced an end to the weekly allocation and sale of foreign exchange to Bureau De Change operators in the country. CBN Governor, Godwin Emefiele...
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The Central Bank of Nigeria has announced an end to the weekly allocation and sale of foreign exchange to Bureau De Change operators in the country.
CBN Governor, Godwin Emefiele says they have continued to observe that stakeholders in some of the sub-sectors have not been helpful in maintaining the country’s foreign exchange reserves to safeguard the value of the naira.
Emefiele says that the Bureau De Change operators have abandoned the original objective of their establishment which was to serve retail end users who need $5,000 or less.
He accused the BDC operators of facilitating grafts, illicit financial flows, and money laundering in the country.
He also accused international organisations, development finance organisations, and embassies of patronising BDC operators to fund local operations contravening Nigeria’s foreign exchange regulations.
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CBN Governor, Godwin Emefiele says they have continued to observe that stakeholders in some of the sub-sectors have not been helpful in maintaining the country’s foreign exchange reserves to safeguard the value of the naira.
Emefiele says that the Bureau De Change operators have abandoned the original objective of their establishment which was to serve retail end users who need $5,000 or less.
He accused the BDC operators of facilitating grafts, illicit financial flows, and money laundering in the country.
He also accused international organisations, development finance organisations, and embassies of patronising BDC operators to fund local operations contravening Nigeria’s foreign exchange regulations.
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