The Central Bank of Nigeria (CBN) has acknowledged getting reports that banks undermine its policy to sell forex from international remittances to Bureau De Changes (BDCs).
Speaking after the 252 Monetary Policy Committee (MPC) meeting in Abuja, the CBN Governor, Mr Godwin Emefiele, said that the CBN may review the current mechanism if the banks continued to undermine it.
As part of measures to arrest the situation, the CBN may allow remittances pass directly through the BDCs, rather than going through banks.
Emefiele said: “We have received reports of the BDCs challenges in getting the fund and we are working on ways to improve the flow of the funds to the BDCs. If need be, we would change the existing mechanism to ensure the funds flow to the BDCs.”
Recall, in a circular dated July 22, 2016, titled: “Sale of Foreign Currency Proceeds of International Money Transfer Operators,” the CBN said that the BDCs can access forex from international money operators.
They were previously not allowed by the CBN to do so.
But BDCs had complained that banks had refused to sell FX to them as directed by the CBN, alleging that few banks that agreed to sell to them requested for brokerage fee or tips.
“It is regrettable,” Emefiele said.
“What we did was to ensure monies from international money transfer agencies will flow through the BDCs from them to people who wants to buy FX from BDCs of not more than $5,000.”
He warned that any bank caught demanding for brokerage fee would be dealt with.