CBN Stops Selling Dollars to BDCs, to Sell Directly to Banks

 

The Central Bank of Nigeria has said it will no longer sell dollars to Bureau De Change operators (BDCs).

 

CBN Governor, Godwin Emefiele made this revelation during a Monetary Policy Committee (MPC) meeting on Tuesday, July 27th.

 

He said Forex will only be supplied to banks henceforth.

 

Emefiele disclosed that the apex bank had to make this move because of the suspicious activities of BDC operators and their utter disregard for CBN exchange rate policies.

 

He expressed disgust at the weening greed of BDC operators seeking to make abnormal gains at great risk to the country’s financial system.

 

He listed several offences committed by BDC operators which include subversion of the CBN’s cashless policy, Dollarization of the Economy, prevailing ownership of several BDC by the same owners in order to get multiple FX and ‘regrettably,’ international organisation and embassy patronage of illegal forex dealers.

 

The MPC also expressed confidence in the directive adding that it was a step in the right direction.