Tue, Oct

CBN Bans Forex Sales To Bureau De Change Operators


The Central Bank of Nigeria (CBN) has on Tuesday announced the ban on the sales of forex to bureau de change operators in the country. Godwin Emefiele, CBN Governor made the disclosure during the two-day Monetary Policy Committee (MPC) meeting in Abuja, saying the aim of selling forex to BDC operators for retail purposes has been defeated as the operators have become wholesale and illegal dealers.

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

He added that commercial banks will be monitored to provide forex for legitimate use.

Also, the MPC retained the Monetary Policy Rate at 11.5 percent, the Cash Reserve Ratio, and Liquidity Ratio at 27.5 percent and 30 percent respectively.

“The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.

“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent,” the CBN Governor announced.