Shocker: CBN kicks out Bureau De Change operators in forex deals.

The Central Bank of Nigeria on Tuesday shut out Bureau De Change operators (BDCs) from Forex deals as it announced that Forex will only be supplied to banks henceforth.

CBN Governor, Godwin Emefiele who made this revelation during a Monetary Policy Committee (MPC) meeting on Tuesday, July 27th disclosed that the apex bank had to make this move because of the suspicious activities of BDC operators and their utter disregard for CBN exchange rate policies.

He expressed disgust at the utmost greed of BDC operators seeking to make abnormal gains at great risk to the country’s financial system.

He listed several offences committed by BDC operators which include subversion of the CBN’s cashless policy; Dollarization of the Economy; prevailing ownership of several BDC by the same owners in order to get multiple FX and ‘regrettably,’ international organization and embassy patronage of illegal forex dealers.

The MPC also expressed confidence in the directive adding that it was a step in the right direction.

Former CBN Governor and former Emir of Kano, Lamido Sanusi had consistently criticized the lordship of Bureau De Change people stressing that they would ruin Nigerian economy if not checked.

He alleged that the BDC was forcing decisions on the country over exchange rates which Emefiele has just fixed.

According to Lamido Sanusi the BDC cartels which were predominantly of the northern extraction has pocketed the nation’s economy and connected with government to sabotage our financial policies.



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