Emefiele announces ban on sale of forex to Bureau De Change operators

365Daily- The Central Bank of Nigeria (CBN) has announced that it will no longer sell forex to Bureau De Change operators because of illicit forex flows and graft.

The disclosure was made by the Governor of the CBN, Godwin Emefiele, in televised broadcast after the bank retained its benchmark policy rate.

While adding that it had also ended processing of applications for BDC licences in the country, he explained that weekly sales of forex will now go directly to commercial banks.

Emefiele said: “We are concerned that BDCs have allowed themselves to be used for graft.

“This measure is not punitive on anyone, but it is to ensure the CBN is able to carry out its legitimate mandate of serving all Nigerians.”

The CBN Governor warned that any bank that allows illegal forex dealers to use their platforms will be dealt with “ruthlessly”, while defaulting international organisations will be reported to their regulators.

He continued that all banks must, with immediate effect,  sell forex transparently to customers who present the required documents and create dedicated tellers for the same purpose.

Going further, he disclosed that international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country by choosing  to channel forex through the black market instead of the official Investors and Exporters (I&E) window, Nafex.

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