The Central Bank of Nigeria (CBN) has announced that it has stopped the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft.
The CBN Governor, Mr. Godwin Emefiele announced this on Tuesday at the end of the Monetary Policy Committee meeting held at the CBN headquarters in Abuja.
He said the bank, being the only apex bank selling dollars directly to the BDCs in the world, regretted its action based on a recent discovery that the BDC had betrayed the confidence bestowed on them.
The bank said it will also no longer process applications for BDC licences in the country and that weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks.
MORE FROM AFRIUPDATE
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
He said the organisations have chosen to channel forex through the black market than use the official Investors and Exporters (I&E) window, called Nafex.
Follow our socials Whatsapp, Facebook, Instagram, Twitter, and Google News.
![[FILES] People buy and sell food at the Illaje market, in Bariga, Lagos, on June 29, 2021. (Photo by Benson Ibeabuchi / AFP)](https://www.afriupdate.com/wp-content/uploads/2021/07/000_9DN3NE-scaled-e1627428276758.jpg "Facts about Nigeria’s food inflation – Survey 5")
![[FILES] Chairman of the Code of Conduct Tribunal (CCT), Mr. Danladi Yakubu Umar](https://www.afriupdate.com/wp-content/uploads/2021/07/Danladi-umar-1062x598-1.jpg "Senate chickens out, halts probe of CCT chair for alleged assault 7")