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CBN Stops Sale Of FOREX To Bureau De Change Operators

The Central Bank Of Nigeria announced yesterday yet another controversial policy on the sale of forex.
The CBN has embarked on a series of restrictions on the movement of foreign policy which have done little to stabilize a weakening Naira.

The Central Bank decided on the new policy because “Bureau de Change (BDC) operators have abandoned the original objective of their establishment, which was to serve retail end users who need US$5,000 or less. Instead, they have become wholesale dealers in foreign exchange to the tune of millions of dollars per transaction. Thereafter, they use fake documentations like passport numbers, BVNs, boarding passes, and flight tickets to render weekly returns to the CBN. ”

The press statement went on to say, “The Bank would henceforth discontinue its sales of foreign exchange to BDCs. Operators in this segment of the market would now need to source their foreign exchange from autonomous source. They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws”

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