ABUJA — The operators of the Bureau De Change have been, with immediate effect, stopped from operating forex sales by the Central Bank of Nigeria (CBN).
This was disclosed by the Governor of the CBN, Godwin Emefiele, after the two-day meeting of the Monetary Policy Committee (MPC) in Abuja on Tuesday.
The Committee, at the end of the meeting, also retained the Monetary Policy Rate at 11.5 percent.
The MPC also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively.
While announcing the decision of the committee, Emefiele 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 per cent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent, and retain the Liquidity Ratio at 30 per cent.”
On the decision to stop the sales of forex to the Bureau De Change, the CBN Governor said, “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.”
He also observed that the Bureau De Change had continued to make huge profits while Nigerians suffered in pain.
He disclosed that 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,” Emefiele said.
