CBN Bans Sales Of Dollars And Other Foreign Currencies To Bureau De Change

The Central Bank of Nigeria (CBN) has announced that it will no longer sell foreign exchange to Bureau De Change across the country.

The bank’s governor, Godwin Emefiele, made the announcement on Tuesday after a meeting of the monetary policy committee.

He also testified that the decision to suspend the sale of the currency followed the committee’s concerns about the proliferation of money changers who had deviated from the original purpose of providing funds to individuals, turning to sell large amounts of money to illegal dealers.

He said this has allowed the changers to make huge profits, while individuals in need are struggling to make the money.

“We are concerned that BDCs have allowed themselves to be used for graft,” Mr Emefiele said,.

The governor added that from now on, banks will be monitored to provide funds for the benefit of the people.

“We will deal with them ruthlessly and we will report the international bodies,” he concluded.