CBN bans sale of forex to BDCs

CBN bans sale of forex to BDCs

The Central Bank of Nigeria (CBN) has revealed that it has stopped the sale of foreign exchange (FX) to Bureau De Change (BDCs) operators in the country.

This was contained in a statement issued by Godwin Emefiele, governor of the CBN, announced at the end of the monetary policy committee meeting in Abuja on Tuesday, July 27.

Emefiele said the apex bank received about 5,000 applications every month for BDC registration; adding that the operators are making efforts to dollarise the Nigerian economy.

He further bemoaned how BDC operators have become a conduit for illegal financial flows; working with corrupt people to conduct money laundering in Nigeria.

“They have turned themselves away from their objectives,” he said.

“They are now agents that facilitate graft and corruption in the country. We cannot continue with the bad practices that are happening at the BDC market.”

Emefiele added that there is evidence of prevailing ownership of several BDCs by the same promoters to procure multiple FX from the central bank.

“Several international organisations, embassies patronise BDC through illegal forex dealer to fund their institutions,” he added.

“We will deal ruthlessly with Nigerian banks that deal with illegal BDCs; and we will report foreign organisations patronising them.”

He said the CBN will henceforth channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands; while mandating them to sell forex to every customer.

Meanwhile, the Minister of Information and Culture, Lai Mohammed has decried that some Nigerians in Diaspora; still rely on platforms that peddle fake news and misinformation about Nigeria.

According to the Minister, this is due to the activities of various secessionist groups that are campaigning around the world; propagating their fake narratives about the country.

Lai Mohammed stated this when he received members of Nigerians in the Diaspora Organization (NIDO), UK Chapter, in Abuja on Tuesday, July 27.

Also Read: Wike reiterates belief in Nigeria’s unity, denounces secessionists

The minister also implored the organization to leverage its contacts in government circles, parliamentary groups, and global think tanks in world capitals to help change the narrative and sweep the carpet off the feet of secessionist groups, insurgents, and anarchists who are bent on pushing false narratives to portray Nigeria in a bad light.


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