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JulThe Central Bank of Nigeria (CBN) has announced that it will immediately cease selling foreign exchange to Nigerian Bureau De Change (BDC) operators. The Central Bank claims to have evidence that the BDCs were engaging in rent-seeking when it came to dollar sales. The remark was made by CBN governor Godwin Emefiele during a virtual press briefing on Tuesday to mark the end of the apex bank’s Monetary Policy Meeting (MPM). Emefiele also stated that the MPC has maintained all monetary policy parameters at the 11.5 percent Monetary Policy Rate. As a result, he stated that the CBN will no […]
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JunForeign exchange customers and the general public should only utilize CBN-licensed bureaux de changes (BDCs) to receive dollars at the permitted rate, according to the Association of Bureaux De Change Operators of Nigeria (ABCON). ABCON president Alhaji Aminu Gwadabe said in a statement issued over the weekend that only CBN-licensed BDCs follow regulatory requirements for selling dollars at allowed rates. Gwadabe encouraged members of the public to always do business with CBN-licensed BDCs that follow all regulations and follow worldwide best practices. He claimed that parallel market operations have been important drivers of exchange rates for years, and that maintaining[…]