Tuesday, 30 May, 2023


JUST-IN: CBN Stops Dollar Sale To BDCs

Retains interest rates at 11.5%

The Central Bank of Nigeria (CBN) has said it will immediately stop sales of foreign exchange to operators of Bureau De Change (BDCs) in the country.

The Central Bank said it has evidences that show that the BDCs were engaging in rent-seeking with regard to sale of dollars.

CBN governor, Godwin Emefiele, made the claim on Tuesday during a virtual press briefing to mark end of the Monetary Policy Meeting (MPC) of the apex bank.

Emefiele also announced that the MPC has retained all monetary policy parameters around the Monetary Policy Rate of 11.5 per cent.

The CBN governor said the apex bank “will deal ruthlessly” with commercial banks that are colluding with the BDCs who sell dollars at the black market.

“It’s a huge haemorrhage on our scarce resources,” Emefiele said, adding, “BDCs have turned themselves to agents that facilitate graft.”

He, therefore, said that the CBN will henceforth discourage the sale of forex to BDCs.

He advised those who have reasons to use Forex to approach their banks and would be promptly attended to.

“You should now go to your bank to get your dollar. Indeed, it will be transferred to you electronically. Go to your bank. We are so disappointed and we cannot continue with them. They now engage in corruption,” Emefiele stated.

Credit: Leadership


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