CBN halts weekly sale of Forex to Bureau De Change (BDCs)

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The Central Bank of Nigeria (CBN) has discontinued the sale of foreign exchange to Bureau De Change (BDCs).

CBN Governor Godwin Emefiele revealed this in Abuja on Tuesday after the Monetary Policy Committee (MPC) meeting.

Other decisions taken by the CBN regarding Forex transactions include stoppage of issuance of new licenses for BDCs, which will also affect existing applications for BDC licenses.

The CBN vowed to channel “significant allocation for foreign exchange to banks to meet legitimate demands for Forex.

“All commercial banks have been ordered to create teller points in their branches to pay out Forex to customers without any hindrance so long as the customer presents the minimum requirements,” Emefiele stated.

Emefiele vowed the apex bank will deal ruthlessly with commercial banks found to be collaborating with foreign organisations.

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