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CBN stops forex sales to Bureau De Change operators https://www.sanzydesign.com.ng

CBN stops forex sales to Bureau De Change operators

Posted by on July 28, 2021 0

 

The Central Bank of Nigeria (CBN) has stopped selling forex to the Bureau De Change (BDC) operators in the country with immediate effect.

The CBN Governor, Godwin Emefiele, revealed this on Tuesday, after the Monetary Policy Committee (MPC) two-day meeting in Abuja.

The MPC also retained the Monetary Policy Rate at 11.5 per cent at the end of the meeting.

It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

Announcing the committee’s decision, 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.”

He said 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,” Emefiele said.

 

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