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CBN Stops Forex Sales To Bureau De Change, Retains MPR

Nigeria's Forex

The Central Bank of Nigeria (CBN) on Tuesday announced an immediate end of the sale of forex to the Bureau De Change operators in the country.

The CBN Governor, Godwin Emefiele, made this known at the end of the two-day Monetary Policy Committee (MPC) meeting held in Abuja.

The MPC also retained the Monetary Policy Rate at 11.5 per cent at the end of the meeting.

It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

Emefiele accused the BDC operators of compounding the pains of retailers sourcing for foreign exchange and had become conduit for illegal activities.

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

Emefiele expressed disappointment and great concerns that the BDCs had defeated their purpose of their existence.

He said Forex Sales through the commercial banks would be closely monitored for the legitimate use of Nigerians.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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