CBN Governor, Emefiele Insists On Forex Sales Ban To BDCs Inspite Naira Exchange Rates

The Governor of the Central Bank of Nigeria, Godwin Emefiele has refused to reverse the ban on Forex Sales to BDCs.

Naija News reports that Emefiele remain hell-bent on his decision despite the Skyrocketing price of Naira exchange rates.

The CBN governor while speaking at the Monetary Policy Council meeting on Friday in Abuja, said the only exchange rate he recognise presently is the I&E window rate, “which is the rate we expect everyone that wishes to procure foreign exchange to use,” he noted.

Recall that the Association of Bureau De Change Operators of Nigeria (ABCON) had stated that the CBN should engage with licensed BDC operators as soon as possible to fix the challenges.

Emefiele has, however, maintained that Nigeria is the only country where the Central Bank sells forex from their reserves to the BDCs operators.

“The question we ask ourselves is why it took us so long to ban their operation,” the CBN governor noted.

Emefiele’s statement reads further: “I don’t recognise that there are any other rates in the market,” he added.

“I am not exonerating my members from some of the allegations levelled against BDCs, but it is not possible to sanitise a problem with another problem.

“As it is now, $1 exchanges for over N500, which cannot be reversed in the short run. So, there is an urgent need for the CBN to go back to the drawing board, consult with the licensed BDC operators and together proffer solutions,” Aminu Gwadabe, the President of ABCON said.

Naija News had reported earlier that the CBN has vowed to prosecute Olumide Oniwinde Adedotun the founder of AbokiFX.

This was made known by the Governor of the CBN, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day meeting in Abuja on Friday.

According to the CBN governor, the federal government will shut down the operations of Aboki FX.