CBN ban forex sales to BDC: Central Bank of Nigeria stop sell of dollars to Bureau De Change operators

CBN Governor, Godwin Emefiele

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Central Bank of Nigeria go now dey sell dollars and oda foreign moni directly to commercial banks, wey go den sell to Nigerians.

Wetin dis one mean be say e go difficult for Nigerians to fit see dollar buy for black market as di Central Bank don stop to dey sell di hard currency to Bureau De Change operators.

Pesin must to enter bank, present ogbonge document wit approval to get di hard currency.

Na di tin wey you wan do go determine how much dollars CBN go approve say make bank give you.

CBN Governor, Godwin Emefiele, announce di ban after di Monetary Policy Committee two-day meeting for Abuja on Tuesday.

Di oga of Nigeria apex bank say dem stop to dey sell dollars to BDC pipo sake of how di parallel market don turn channel to dey carry mago-mago money.

CBN also tok say di bank no go process any applications for Bureau De Change licence in di country.

Oga Emefiele add say now, di Weekly sales of foreign exchange wey CBN dey do go now dey direct to commercial banks.

“We dey concerned say BDC pipo don allow make dem dey use dem for graft,”

“In particular, we don note wit disappointment and great concern say our Bureau De Change operators don abandon di original objective of dia establishment wey be to serve retail end users wey need $5,000 or less.

“Instead, dem don become (illegal) wholesale dealers in foreign exchange to di tune of millions of dollars per transaction.”

E say, international bodies, and some embassies and donor agencies, get hand inside di illegal forex transactions wey dey make am difficult for foreign money to enta Nigeria.

Di apex bank oga add say instead make di organisations use di official Investors and Exporters (I&E) window, Nafex, dem dey channel forex through di black market.

Oga Emefiele say dem go “deal ruthlessly” wit any bank wey dey allow illegal forex dealers to use dia bank and dem go report international organisations wey disobey di order to their regulators.

Dis no be di first time wey CBN go ban sales of dollars to Bureau De Change, for 2016 di Central bank for one press conference announce a stop to sales of dollars to BDC operators but dem later reverse di decision.