By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN discontinues sale of forex to Bureau de Change operators
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessTop stories

CBN discontinues sale of forex to Bureau de Change operators

Agency Report with Okay.ng
By Agency Report with Okay.ng
Published: July 27, 2021
Share
2 Min Read
Godwin Emefiele
Governor of the CBN, Godwin Emefiele
SHARE

The Central Bank of Nigeria (CBN) on Monday announced immediate discontinuation of the sale of Foreign Exchange (forex) to Bureau de Change (BDC) operators in the country.

Mr Godwin Emefiele, the CBN Governor, made this announcement on Tuesday while presenting a communique from the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja.

Emefiele said that the decision was informed by the unwholesome business practices of the BDCs, which he said had continued to put enormous pressure on the Naira.

He said , henceforth, the apex bank would sell forex to deserving Nigerians through the commercial banks.

- Advertisement -

” The BDCs were regulated to sell a maximum of 5000 dollars per day, but CBN observed that they have since been flouting that regulation and selling millions of dollars per day.

“The CBN also observed that the BDCs aid illicit financial flows and other financial crimes. The bank has thus, decided to discontinue the sale of forex to the BDCs with immediate effect.

“We shall, henceforth, channel all forex allocation through the commercial banks,” he said.

He urged the commercial banks to ensure that every deserving customer got their forex demand, adding that any bank found circumventing the new system would be sanctioned.

- Advertisement -

“Once a customer presents all required documentation to purchase forex, the commercial banks should ensure they get the forex.

“Any customer that is denied should contact the CBN on 0700385526 or through the email- [email protected] ” he said.

The News Agency of Nigeria (NAN) reports that stakeholders have been calling on the CBN and its MPC to take urgent steps to halt un ending depreciation of the Naira.

Recently, a past President of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, urged the MPC to focus on policy decisions that would curb rising inflation and stabilise the Naira.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:BDCsCBNFX
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
Previous Article Sunday Igboho Beninese court declines extradition of Sunday Igboho to Nigeria
Next Article Wikileaks founder Julian Assange loses Ecuadorian citizenship

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Okay.ng Logo

Parallel Market Rates

USD
Buy₦1,550.00
Sell₦1,565.00
GBP
Buy₦1,760.00
Sell₦1,790.00
EUR
Buy₦2,135.00
Sell₦2,170.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

Okay.ng Logo Parallel Market Rates
USD
Buy
Sell
GBP
Buy
Sell
EUR
Buy
Sell
| okay.ng
- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Ezenwo Nyesom Wike
Wike Accuses Opposition Leaders of Self-Interest, Questions Their Commitment to Nigerians
Politics Top stories
Workers’ Unrest Looms as Nigeria Faces Economic and Security Crisis — NLC Issues Stark Warning
News
Rising Star Gonzalo Garcia Shares Top Scorer Spotlight at FIFA Club World Cup
Sport
Security Measures Heightened in Oyo State as Neo-Black Movement Prepares for Annual Founders’ Day
Security
Atiku Abubakar
Atiku Abubakar Pledges to Combat Electoral Fraud, Promises Socioeconomic Renewal Through ADC in 2027 Polls
Politics
- Advertisement -
Ad imageAd image

You May Also Like

InternationalTop stories

Nigeria and Brazil Forge Stronger Agricultural Ties to Boost Food Security

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 6, 2025
News

Anglican Bishop of Warri Raises Alarm Over Nigeria’s Spiraling Insecurity and Calls for Urgent Government Action

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 6, 2025
Politics

Nigeria’s 2027 Political Landscape: ADC Emerges as a Potent Challenger to APC Amid PDP’s Decline

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?