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CBN Bans Sale Of Forex To BDC Operators

Ololade Omosan-Agie

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

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

The governor 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.

He also said the CBN will no longer process any new application for BDC licenses.

Meanwhile, the MPC has voted unanimously to retain the Monetary Policy Rate at 11.5 percent.
It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 percent respectively.

Emefiele said the committee also retained the asymmetric corridor of +100/-700 basis points around the MPR.

He said although the economy has succeeded in exiting the recession, the recovery was very fragile, given that the Gross Domestic Product was still far below population growth rate.

The committee, he noted, was of the strong view to consolidate on all administrative measures currently being taken to spur output growth.

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