The Central Bank of Nigeria (CBN) has banned the sale of forex to Bureau De Change operators (BDCs).
Central Bank Governor, Godwin Emiefele, announced the ban at a press briefing held after a meeting of the Monetary Policy Committee of the bank, on Tuesday.
Emiefele said BDC operators have become a conduit for illegal financial flows.
“They have turned themselves away from their objectives. They are now agents that facilitate graft and corruption in the country.”
“We cannot continue with the bad practices that are happening at the BDC market,” he said.
He also said the CBN will no longer continue registration of new BDCs and current allocation will be channelled to commercial banks.
All commercial bank branches will create a separate desk for sales of forex.
