Elombah
Take a fresh look at your lifestyle.

As CBN bans sales of foreign currency to bureau de change

95

Only a northern president could have this done. Other southern presidents avoided this action due to its backlash.

CBN Governor, Mr Godwin Emefiele

This action has long been expected. It was an odoriferous sore that needed stitching. CBN couldn’t have effected this without presidential nod.

I had asked my bureau de change [BDC] friends 14 months ago to cash out and diversify into other businesses.

It’s a bold step with a serious political deficit on the part of President Muhammadu Buhari which would affect his 2019 re-election bid in the north.

Many currency peddlers, mostly northerners, have been thrown into labour market. 

This has been their major business as Spare Parts business is to south-easterners.

Only a northern president could have this done. Other southern presidents avoided this action due to its backlash.

This Buhari man is bold and means well for this country despite his cranial limitations.

NIGERIA’S CENTRAL BANK ENDS FOREIGN EXCHANGE SALES TO BUREAU DE CHANGE – NEWS

The naira fell on the parallel market to 282 to the dollar following the new policy, from 277.

The Central Bank of Nigeria (CBN) announced on Monday that it would discontinue its sale of foreign exchange to Bureau de Change (BDC) operators in the country.

Addressing a media briefing in Abuja, the CBN governor, Godwin Emefiele, said the BDC’s operators are however allowed to source forex from any other source that will not be contrary to the money laundering laws. The governor stressed that there would be strict monitoring of these sources.

According to Nigerian media reports, Emefiele said Nigeria was the only country in the world where the central bank would provide the BDC operators with foreign exchange, adding that with the continued depletion of the foreign reserves, such funding was no longer sustainable.

The central bank also relaxed some of its foreign currency controls by lifting its ban on foreign currency cash deposits in commercial banks.

The naira fell on the parallel market to 282 to the dollar following the new policy, from 277 to the greenback at the weekend.

Comments are closed.