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BREAKING: CBN Bans Sales Of Dollars To Bureau De Change Operators

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The Central Bank of Nigeria (CBN) has banned the sale of dollars to Bureau De Change operators (BDCs).

Godwin Emiefele, governor of the bank, announced the ban at a press briefing which held after a meeting of the Monetary Policy Committee of the bank, on Tuesday.

He said the N5. 7 billion allocated to BDCs had become unsustainable as
$20,000 is allocated to over 5500 BDCs, amounting to $110million per week.

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Emiefele said BDC operators have become a conduit for illegal financial flows.

He also said the CBN will no longer continue registration of new BDCs and current allocation will be channeled to commercial banks.

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All commercial bank branches will create a separate desk for sales of forex.

Details later…

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