CBN bans sale of foreign exchange to BDC operators

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CBN governor Godwin Emefiele.

The Central Bank of Nigeria (CBN) has announced an end to the weekly allocation and sale of foreign exchange to Bureau De Change (BDC) operators in the country.

CBN Governor, Godwin Emefiele, made the announcement on Tuesday while briefing reporters on the outcomes of the Monetary Policy Committee (MPC) meeting in Abuja, the Federal Capital Territory (FCT). He accused the BDC operators of facilitating grafts, illicit financial flows, and money laundering in the country.

According to the CBN chief, the nation’s financial regulator will not hesitate to sanction any bank operating in the country found to be collaborating with BDC operators to facilitate illegal forex dealings.

He also accused international organisations, development finance organisations, and embassies of patronising BDC operators to fund local operations contravening Nigeria’s foreign exchange regulations.

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