No reversal of ban on sales of forex to Bureaux De Change – CBN

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Bluecap / 17 September, 2021

No reversal of ban on sales of forex to Bureaux De Change – CBN.

CBN governor Godwin Emefiele said this while addressing journalists Friday after the central bank announced that it was holding the monetary policy rate at 11.5 per cent.

“The only exchange rate market is the Investors and Exporters window, which is the market that we expect everybody that wants to buy or sell dollars should use,” Emefiele said.

“I am sorry to say: I do not recognise any other market. We’ve asked ourselves at the CBN, why did we have to wait so long?

“CBN remained the only central bank in the world to dip its hands into our commonwealth mad pack dollars to BDCs all in an effort to stabilise the exchange rate.

“For me, it’s a wrong decision. It has stopped for good. The Bank of England, or U.S. Federal Reserves do not sell dollars to BDCs even though they exist.”

“It beats my imagination that tended to support illegality of people who are involved in graft and corruption.”

Comments:

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