Connect with us

CBN Withdraws Forex From BDC, Limit Supply To Bank Only

Piroll

Published

on

Follow
NAIJA NEWS: CBN Withdraws Forex From BDC, Limit Supply To Bank Only [New Naija News] » Naijacrawl
Photo: Naijacrawl

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.


Click Here To Comment




Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

Continue Reading
Click to comment

Be first to comment


Leave a Reply

Your email address will not be published. Required fields are marked *

Naija News

Why we ban Crypto and bank deposit - CBN Gives Reasons

Piroll

Published

on

NAIJA NEWS: Why we ban Crypto and bank deposit - CBN Gives Reasons [New Naija News] » Naijacrawl
Photo: Naijacrawl
Why we ban cryptocurrencies in Nigeria. The Central Bank of Nigeria (CBN) has reacted to criticism that follows the directive to Deposit Money Banks (DMBs) to desist fromtransacting in cryptocurrencies.The various reasons was made public through a statement on yesterday (Sunday) by Osita Nwanisobi, Acting Director, Corporate Communications, clarified that that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies.He recalled tha...
Continue Reading

Naija News

Breaking: Armed Robbers Attack Bank in Osun Just a Few Months After Attacking the Same Bank

Piroll

Published

on

NAIJA NEWS: Breaking: Armed Robbers Attack Bank in Osun Just a Few Months After Attacking the Same Bank [New Naija News] » Naijacrawl
Photo: Naijacrawl
Just a few months that the bank was attacked by some armed robbers, some hours ago, some armed robber have attacked the Wema bank that is located in Iree, Osun state.One person was feared dead as suspected armed robbers on Tuesday attacked WEMA Bank in Iree, the headquarters of Boripe local government area.Idealplusgist gathered that the robbers arrived at the bank, located beside palace of Aragbiji of Iragbiji at 3:00pm and operated for about 30 minutes.A witness,...
Continue Reading

Naija News

Senate abolishes age limit in job advertisements

Victorious

Published

on

NAIJA NEWS: Senate abolishes age limit in job advertisements [New Naija News] » Naijacrawl
Photo: Naijacrawl
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...
Continue Reading

Latest


Download Naijacrawl App today

Fastest way to read on the go

Download the Naijacrawl App.