The CBN Has Halted The Sale Of Dollars To BDCs

The 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 longer allow forex to be sold to BDCs.

Those who need to utilize Forex should contact their banks, he said, and they will be helped as soon as possible.

“Now is the time for you to go to your bank and get your dollar. It will, in fact, be sent to you electronically. Make a trip to your bank. We are quite disappointed, and we are unable to continue working with them. Emefiele added, “They now engage in corruption.”