Foreign Exchange: Nigeria’s Apex Bank Reveals New Proposals

With all the noise still looming around foreign exchange and the controversial ban of dollar sales by Nigeria’s apex bank to Bureau De Change, BDC Operators, the bank’s governing body has arrived with new proposals.

Central Bank of Nigeria, CBN, in its revelation, guaranteed bank customers that, so far, there are no plans to convert foreign exchange in its domiciliary accounts into naira.

This message is coming from the Acting Director in charge of Corporate Communications, CBN Osita Nwanisobi, who assured bank customers of adhering to the new proposals from the apex bank.

The event transpired at the end of a two-day deliberation by the Monetary Policy Committee, MPC, after which journalists were addressed in Abuja yesterday.

Foreign Exchange

Giving reasons for the decision not to tamper with existing operations models, he said persons behind the talks and speculations are criminal elements looking forward to creating pandemonium in the foreign exchange market.

He assured that the CBN would ensure commercial banks attend to legitimate foreign exchange requests of citizens or foreigners. He advised FX operators to go about their business daily without worrying.

In some reports making the rounds, he said henceforth, the CBN Governor, Mr Godwin Emefiele, announced that deposit money banks would subsequently be in charge of the sale of foreign exchange to Bureaux De Change and other customers.

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