Operators in this segment of the ma rket would now need to source their foreign exchange from autonomous source. Nigeria: Reps Probe NIA Over N15 Billion. Slay This Friday Night With Brown Glitter Smokey Eye and Glossy Nude Lips Makeup Look. This is a huge hemorrhage on our scarce foreign exchange reserves, and cannot continue especially because we are also concerned that BDCs have become a conduit for illicit trade and financial flows. Next Article MC Galaxy To Drop Beautiful Video For
Below is the press statement from Central Bank of Nigeria on Foreign Exchange deposits in commercial banks and sales to Bureau De Change by Governor of Central Bank, Godwin Emefiele. Good afternoon ladies and gentlemen and welcome to the Central Bank of Nigeria CBN. The Management of the Bank has called this Press Conference to give you updates on recent developments in our Foreign Exchange Market as well as the decisions we have taken to ensure that we continue to strive to attain our mandates as set out in the CBN Act of 2 In order to do so, let me first give you a brief overview of both the global and domestic contexts.
As we all know by now, Nigeria has been dealing with the effects of three serious and simultaneous global shocks, which began around the third qua rter of In the aftermath of these shocks, growth in the global economy in the first two quarters of was less than envisaged thereby leading to a weak outlook for the rest of the year. Indeed, estimates of global growth for have been revised from almost 4 percent to 3.
T he challenges of the se global developments are having lopsided effec ts in many emerging and d eveloping countrie s. Within this context, and especially when juxtaposed with comparable countries, the Nigerian economy remains moderately robust. Nonetheless, the se strong global headwinds are impacting the domestic 3 economy considerably.
InGDP growth decelerated fr om 3. Howeverit has increased slight ly to 2. A breakdown of the inflation dynamics indicates that the underlying pressure derives largely from the lingering base effects of unfavourable energy prices and exchange rate pass — through, which may have been exacerbated by delayed harvests. Yet, the demand for foreign exchange by mostly domestic importers has risen significantly. At that timeour average import bill was N 1 In stark contrast, our average import bill for the first nine months of is N The net effect of these combined forces unfortunately is the deplet ion of our foreign exchange reserves.
To avoid further depletion in the reservesthe CBN took a number of countervailing actions including the prioritization of the most critical needs for foreign exchange. Instead, they have become wholesale dealers in foreign exchange t o the tune of millions of dollars per transaction. Thereafter, they use fake documentations like passport 6 numbers, BVNs, boarding passes, and flight tickets to render weekly returns to the CBN.
Whereas the Bank has continued to sell US Dollars at about N per dollar to these op erators, they have in turned become greedy in their sales to ordinary Nigerians, with selling rates of as CBN Stops Sales of Forex to Bureau de Change Operators as N per dollar. Given this rent — seeking behaviour, CBN Stops Sales of Forex to Bureau de Change Operators is not surprising that since the CBN began to sell foreign exchange to BDCs, the number of operators have risen from a mere 74 in to 2, BDCs t oday.
In addition, the CBN receives close to new applications for BDC licenses every month. More disturbing, though, is the financial burden being placed on the Bank and our limited foreign exchange. This is a huge hemorrhage on our scarce foreign exchange reserves, and cannot continue especially because we are also concerned that BDCs have become a conduit for illicit trade and financial flows.
In view of the above, the Management of the Central Bank of Nigeria has reached the following decision, which take immediate effect: a The Bank would henceforth discontinue its sales of foreign exchange to BDCs. Operators in this segment of the ma rket would now need to source their foreign exchange from autonomous source. They must however note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti — money laundering laws; 9 b The Bank would now permit commercial banks in the country begin accepting cash deposits of foreign exchange from their customers.
In closing, let me note very importantly that these measures are not intended to be punitive on anyone or any group. Rather it is meant to ensure that the CBN is better able to carry out its mandate in an effective and efficient manner, which guarantees preservation of our scarce commonwealth, and that our hard — earned financial system stability CBN Stops Sales of Forex to Bureau de Change Operators intact to the benefit of all Nigerians. Thank you Your email address will not be published.
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Court Orders The Seizure Of Omoni Oboli’s “Okafor’s Law” Nollywood. Home / Lead Story / CBN stops sale of forex to Bureau De Change Bureau de Change (BDC) operators have its sales of foreign exchange to BDCs. Operators. (forex) to Bureau De Change (BDCs) operators in the CBN Stops Sale of Forex to Bureau De Change. tweet. He explained that making forex available for.