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BREAKING: CBN goes after Bureau De Change operators over illegal dealings

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…Says no more selling of dollars to them

The Central Bank of Nigeria has stopped the sales of forex to the Bureau De Change operators in the country with immediate effect.

The CBN governor Godwin Emefiele disclosed this after this on Tuesday during the ongoing MPC in Abuja.

The MPC also retained the Monetary Policy Rate at 11.5 per cent at the end of the meeting.

Vanguard quoted the CBN boss as saying that the BDC operators had become a conduit pipe for illicit fund flow rather than being partners to the CBN in selling a small amount of dollars to travelers and those in urgent need.

Announcing the committee’s decision, Emefiele said, “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.”

Speaking on the the decision to stop forex sales to the BDCs, he said, the MPC noted with disappointment and great concerns that the BDCs had defeated their purpose of existence to provide forex to retail user, but instead, they had become wholesale and illegal dealers.

The BDCs, he observed had continued to make huge profits while Nigerians suffered in pain.

He said the commercial banks would be monitored to provide forex for the legitimate use of Nigerians.

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

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