The Central Bank of Nigeria on Monday stopped the sale of foreign exchange to all the 2,786 licensed Bureau De Change Operators across the country.
The ban was announced by the CBN Governor, Mr. Godwin Emefiele, at a special media briefing held at the bank’s headquarters in Abuja just as the naira traded at 285 against the dollar at the parallel market on Monday from 278 on Friday.
He said with the decision, the CBN would no longer provide foreign exchange to the BDCs, adding that henceforth, all BDC operators must source for foreign exchange from autonomous sources.
The governor said any BDC operator that was not satisfied with the central bank’s decision should return their operational licence to the CBN and ask for the refund of their N35m deposit.
Emefiele said Nigeria was the only country in the world where the central bank would provide the BDC operators with foreign exchange, adding that with the continued depletion of the foreign reserves, such funding was no longer sustainable.
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