Business

CBN Condemns Actions of Bureau De Change

The Central Bank of Nigeria, CBN, has condemned actions of Bureau De Change, BDC Operators, for conducting illegal forex trading.

The Apex Bank promised to cease all operations with the group and vowed that it would never again grant operating licenses to new BDC transactors in the country as it already also halted all current processes for new permits.

The CBN Governor, Godwin Emefiele, disclosed this while addressing journalists during CBN’s Monetary Policy Committee, MPC briefing on Tuesday, 27th July 2021.

While making these announcements, the Governor promised to deal “ruthlessly” with Nigerian banks caught in these illegal acts.

CBN

Reports have it that this is not the first time the CBN has placed a ban on the sale of forex to Bureau De Change, BDCs.

Recall that in 2016, the Central Bank of Nigeria called a press conference announcing the discontinuation of forex to BDC operators.

The Central Bank in Nigeria once decided to curtail the questionable acts of the BDC operators who, instead of catering for retail users in need of about five thousand dollars, subject the users to hardship.

He argued that the BDC operators are involved in transactions to the tune of millions of dollars, indicating that they may be sourcing these dollars from illegitimate means.

Back to top button
EveryEvery We would like to show you notifications for the latest news and updates.
Dismiss
Allow Notifications