CBN Stops Sale Of Foreign Exchange To BDC Operators

The Central Bank of Nigeria has said it will no longer sell foreign exchange to Bureau De Change operators.

The CBN Governor, Mr Godwin Emefiele on Tuesday announced this at the end of the Monetary Policy Committee meeting held at the CBN headquarters in Abuja.

Emefiele also said that the CBN will channel the sale of foreign exchange to banks henceforth, adding that all banks should create a teller point for sale and disbursement of forex to their customers.

The CBN governor said the apex bank received about 5,000 applications every month for BDC registration, noting that the operators are making efforts to dollarize the Nigerian economy.

Emefiele said BDC operators have become a conduit for illegal financial flows working with corrupt people to conduct money laundering in Nigeria.

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

Similarly, the CBN governor said the apex bank will no longer process any new application for BDC licenses.