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Nigeria CBN Governor Stops Forex Sale to Nigeria Bureau De Change

CBN Governor Godwin Stops Forexto Bureau De Change in Nigeria

Mr. Godwin Emefiele, who is the current Governor of the CBN (Central Bank of Nigeria), on Tuesday stop the sale of forex (foreign exchange sales) to Nigeria Bureau De Change companies and operators.

The CBN (Central Bank of Nigeria) Governor, who discussed this new policy at a media briefing scheduled after the concluded July MPC (Monetary Policy Committee) meeting of Nigerian banks with CBN. He said, “The Nigeria Bureau De Change Association has become a center of financial corruption, heavy money laundering, and economy wrecker.”

Nigerian Bureau De Change members are willingly participating in wrecking our economy by encouraging and helping local and international “Yahoo Yahoo” boys destroy the good name of the country. Nigeria is failing to attract investors due to poor financial, political, and social ratings.

The CBN Governor also announced that the Apex bank Monetary Policy Committee (MPC) has maintained all policy guidelines, leaving the MPR at 11.5 percent; an asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.5%; and Liquidity Ratio at 30%.

The Governor assures Nigerians of ending the BDCs forex supplies and says the Apex bank will no longer turn a blind eye to the unruly practice of these associations while they destroy our finances from within.

He further explains that the forex exchange that will be allocated to the Bureau De Change of Nigeria will be channeled into Deposit Money Banks (DMBs) to manage.

He warned banks not to hoard Forex as customers have been asked to contact the apex bank and report such intolerable acts.

The Governor of the Central Bank of Nigeria (CBN) also inform our Nigerian banks not to encourage Bureau De Change members who want to violate the law.

“I want our banks to know if they break the law, customers have been asked to report any wrongdoing to the Apex bank.”

Mr. Godwin Emefiele said that the Central Bank of Nigeria is not applying this law to stile BDCs operations, but to bring about stability in the financial industry and to curb corruption.