CBN bans forex sales to BDC operators, orders banks to sell dollar to Nigerians

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The Central Bank of Nigeria CBN) has ended the sales of forex to Bureau Du Change (BDC) operators.

In a live broadcast on Tuesday, the governor of the apex bank, Godwin Emefiele, said this is because the parallel market has become a conduit for illicit forex flows and graft by some international bodies, including some embassies and donor agencies.

Mr Emefiele said the bank will also no longer process applications for BDC licences in the country.

He said weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, which have been mandated to sell to Nigerians who present the required documents.

Customers not attended to by the banks are to report to the CBN through a toll free number: 0700 22 55 226 or email: cbd@cbn.gov.ng.

“This measure is not punitive on anyone, but it is to ensure the CBN is able to carry out its legitimate mandate of serving all Nigerians,” Mr Emefiele said.

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