With immediate effect, the Central Bank of Nigeria has banned the sale of foreign exchange also known as Forex to Nigeria’s Bureau De Change operators.
The CBN Governor, Godwin Emefiele, announced the change following a two-day meeting of the Monetary Policy Committee in Abuja on Tuesday.
He did say, however, that at the end of the meeting, the MPC kept the Monetary Policy Rate at 11.5 percent.
The Cash Reserve Ratio and Liquidity Ratio of 27.5 percent and 30 percent, respectively, were also unchanged, according to him.
According to the CBN governor on the Forex ban to Nigeria’s Bureau De change operators, he said
In accordance with the decision to suspend forex sales to BDCs, Emefiele noted that the BDCs had failed to live up to their initial task of providing currency to retail customers, thus, becoming wholesale and illegitimate dealers.