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BREAKING: CBN Announces Stoppage Of Forex Sales To Bureau De Change Operators
- “The MPC made the decision to hold all parameters constant.”
EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has announced the stoppage of forex sales to the Bureau De Change operators in the country with immediate effect.
The CBN Governor, Godwin Emefiele, made the declaration after the Monetary Policy Committee (MPC) two-day meeting in Abuja on Tuesday.
The MPC also retained the Monetary Policy Rate at 11.5 percent at the end of the meeting.
It further retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively.
Emefiele, while announcing the Committee’s decision on Tuesday, said, “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 percent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 percent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 percent; and retain the Liquidity Ratio at 30 percent,” the CBN Governor stated.
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According to PUNCH, Emefiele, while speaking on the decision to stop forex sales to the BDCs, added that the MPC noted with disappointment and great concerns that the BDCs had defeated their purpose of existence to provide forex to the retail user, but instead, they had become wholesale and illegal dealers.
The BDCs, he observed had continued to make huge profits while Nigerians suffered in pain.
CBN Governor, Godwin Emefiele
Emefiele further noted that the commercial banks would be monitored to provide forex for the legitimate use of Nigerians.
“The Central Bank will henceforth discontinue the sale of forex to Bureau de Change operators,” the CBN Governor said.
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