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JUST IN: CBN stops dollar sales to BDCs

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The Central Bank of Nigeria (CBN) has announced that it would no longer sell dollars to Bureau De Change (BDC) operators as of today (Tuesday).
Godwin Emefiele, the CBN governor, made this known after the Monetary Policy Committee meeting today.

Emefiele also announced plans to deal with banks selling forex illegally

According to him, BDCs operators continued to make huge profits while Nigerians suffered in pain.

“The MPC noted with disappointment and great concerns that the BDCs had defeated their purpose of existence to provide forex to retail user, but instead, they had become wholesale and illegal dealers.

READ ALSO: JUST IN: Again, CBN’s MPC holds interest rate at 11.5%

“The Central Bank will henceforth discontinue the sale of forex to Bureau de Change operators,” Emefiele said.

Emefiele also announced suspension of fresh BDCs licences and will also deal with banks for selling forex illegally

“Henceforth commercial banks would be monitored to ensure forex is for the legitimate use of Nigerians,” the CBN Governor added.

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