Just In: CBN Stops Forex Sales To Bureau De Change Operators
The Central Bank of Nigeria has stopped forex sales to the Bureau De Change operators in the country with immediate effect.
The CBN Governor, Godwin Emefiele, said this after the Monetary Policy Committee two-day meeting in Abuja on Tuesday.
The MPC also retained the Monetary Policy Rate at 11.5 percent at the end of the meeting.
At the same time, it retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively.
According to Emefiele, “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 percent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”
While speaking on the the decision to stop forex sales to the Bureau De Changers, he said, the MPC noted with great concerns that these changers had defeated their purpose of existence to provide forex to retail user, but instead, they had become wholesale and illegal dealers.
The BDCs, as he observed had continued to make a lot of profit while Nigerians suffered in pain.
“The Central Bank will henceforth discontinue the sale of forex to Bureau de Change operators,” Emefiele said.
