CBN Withdraws Forex From BDC, Limit Supply To Bank Only
The Central Bank of Nigeria has announced that Forex will only be supplied to banks as all sales to Bureau De Change operators (BDCs) have been discontinued.
This was made known today by the CBN Governor, Godwin Emefiele during a Monetary Policy Committee (MPC) meeting on Tuesday, July 27th.
Emefiele disclosed that the apex bank had to make this move because of the suspicious activities of BDC operators and their utter disregard for CBN exchange rate policies.
He expressed disgust at the weening greed of BDC operators seeking to make abnormal gains at great risk to the country's financial system.
He listed several offences committed by BDC operators which include subversion of the CBN’s cashless policy, Dollarization of the Economy, prevailing ownership of several BDC by the same owners in order to get multiple FX and ‘regrettably,’ international organisation and embassy patronage of illegal forex dealers.
The MPC also expressed confidence in the directive adding that it was a step in the right direction.
Stable forex, lower inflation will attract foreign direct investment to Nigeria – IMF
The International Monetary Fund (IMF) says stable exchange rates and lower inflation will attract more investments into Nigeria.Ari Aisen, the IMF representative in Nigeria, disclosed this on Tuesday during an interview on Arise Television.He reiterated support for the fuel subsidy removal and exchange rate unification, insisting that it will enhance the economic outlook of Nigeria.Arisen stated that if inflation decreases, exchange rates become more predictable, le...
Naira slumps to 980/dollar amid Forex scarcity
Nigeria’s currency, the Naira, has continued its depreciation after exchanging to the dollar at 980/$ at the parallel market on Wednesday.A Bureau De Change Operator in Zone 4 Abuja, Ahmed Gazali, confirmed this to DAILY POST on Thursday.Gazali attributed the development to the forex scarcity.“It is because of forex scarcity; the situation is fluctuating. For instance, it was N920/$1 on Monday but N980/$1 on Wednesday. We can’t tell what tomorrow holds. It may ease...
Senate abolishes age limit in job advertisements
The Senate has reached a resolution to abolish age limitations in job advertisements.The senator representing Benue South senatorial district, Patrick Abba Moro, sponsored the motion on the floor of the Senate on Tuesday.“It is pathetic that a graduate in Nigeria who could not get a job upon graduation and decided to go back to school with the hope that a higher qualification or a second or Master’s degree could give him a better employment opportunity is thrown int...
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