THE Central Bank of Nigeria has halted the sales of forex to the Bureau De Change operators with immediate effect.
Governor of the apex bank, Godwin Emefiele, disclosed this after the Monetary Policy Committee’s two-day meeting in Abuja today.
At the end of the meeting, however, the MPC also retained the Monetary Policy Rate at 11.5 percent.
It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively.
While 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 percent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 percent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 percent; and retain the Liquidity Ratio at 30 percent.”
Speaking on the decision of the CBN to stop forex sales to the BDCs, he said, the MPC noted with disappointment and great concerns that the BDCs had defeated their purpose of existence to provide forex to retail user, but instead, they had become wholesale and illegal dealers.
According to the CBN Governor, the Bureau De Change operators had continued to make huge profits while Nigerians suffered in pain.
Emefiele 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,” he said.
