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CBN barns sales of Forex to Bureau De change operators.

The central Bank of Nigeria ( CBN) has banned the sales of Foreign exchange (FX) to Bureau De change (BDCs) operators in the country.

This was announced by the The CBN governor, Godwin Emefiele, atbtge ebdonif the monetary policy committee meeting in the Abuja in Tuesday July 27. According to Emefiele, the SpaceX bank receives about 5ooo applications every month for BDC registration and that these BDCs have become a conduit for illegal financial flows working with corrupt people to conduct money laundering in the country.

“They have turned themselves away from their objectives. They are now agents that facilitate grafts and corruption in the country. We cannot continue with the bad corruption in the country. We cannot continue with the bad practices that are happening at the BDC market.”

He also disclosed that there are evidence of prevailing ownership of several BDCs by the same promoters to procure multiple FX from the central bank.

He said,”Several inter National organizations, embassies patronize BDC through illegal forex dealers to fund their institutions. e will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organizations patronizing them.

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