28/07/ · The Central Bank of Nigeria (CBN), on Tuesday, announced the cessation of forex sales to Bureau De Change (BDCs) operators. CBN Governor, Godwin Emefiele, who disclosed the new policy after the July , Monetary Policy Committee (MPC) meeting in Abuja, said the apex bank was funneling $ billion (about N trillion) annually through the BDCs 05/08/ · This new forex policy has drawn divergent reactions from stakeholders on its implication and effect on the economy and Nigerians 18/09/ · The Central Bank of Nigeria has hit at the Bureau De Change (BDC) for illegal forex trading and will henceforth discontinue the sale of forex to the Bureau operators in Nigeria. The governor of the CBN, Godwin Emefiele made this known while addressing the press during the MPC briefing on Tuesday, 27th July
CBN’s forex policies: Timeline between Covid and – Nairametrics
The Central Bank of Nigeria CBN yesterday directed all banks to henceforth publish on their websites the names and Bank Verification Numbers BVN of unscrupulous customers who indulged in sharp practices to circumvent its new foreign exchange FX policy. The apex bank stated these in a circular to all banks dated August 30, and signed by the CBN Director, Banking Supervision Department, Mr. Haruna Mustafa. It said the trend, if not curbed, presented a risk to the integrity and stability of the FX market.
The CBN had in July resolved to discontinue FX sale to Bureau De Change BDC operators in the country. CBN Governor, Mr. Godwin Emefiele, directed all commercial banks to immediately create designated branches for cbn new forex policy 2021 sale and disposal of FX to customers who deserved it for legitimate purposes.
He said the CBN would no longer process or issue new licences for BDC operations in the country, adding that all licences being currently processed, regardless of the stage, had been suspended. Following the development, the apex bank had announced that it will commence the immediate refund of capital deposits and licensing fees, where applicable, to BDC promoters who had pending license applications with the bank.
It said in arriving at the decision to suspend FX sale to BDC, it had advised banks to ensure that no customer was turned back or refused FX, provided that documentation and all other requirements were met. The apex bank further warned against undue delays, rationing and diversion of FX, and it directed the banks to establish electronic application and alert systems to update customers on the status of their FX requests. The CBN further reminded banks that a toll-free line had been set up at the apex bank to enable bank customers to escalate unresolved complaints relating to their FX requests.
They are now agents that facilitate graft and corruption in the country. We cannot continue with the bad practices that are happening at the BDC market. He added that there was evidence of prevailing ownership of several BDCs by the same promoters to procure multiple FX from the apex bank.
We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them. Despite the fact that Nigeria is the only country in the world today where a central bank sells dollar directly to BDC operators. Notify me of follow-up comments by email.
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, time: 16:36In major policy shift, CBN cancels N trillion forex sales to BDCs | Dailytrust
28/07/ · The th monetary policy meeting which was held on 27th July concluded with the Central Bank of Nigeria taking an aggressive stance to discontinue the supply of FX to Bureau De Change operators (BDCs) in order to clampdown on what Godwin Emefiele (CBN Governor) termed illegal activities being perpetrated by BDCs when foreign exchange is supplied to them 05/08/ · This new forex policy has drawn divergent reactions from stakeholders on its implication and effect on the economy and Nigerians 01/09/ · The Central Bank of Nigeria (CBN) yesterday directed all banks to henceforth publish on their websites the names and Bank Verification Numbers (BVN) of unscrupulous customers who indulged in sharp practices to circumvent its new foreign exchange (FX) policy. The CBN said it was concerned that some customers had taken undue advantage of the policy on sale of FX for overseas personal
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