The Central Bank of Nigeria (CBN) has stopped the sales of foreign exchange to Bureau De Change (BDC) operators in the country.
CBN governor, Godwin Emefiele disclosed this after Tuesday’s Monetary Policy Meeting (MPC) in Abuja.
According to Emefiele, the parallel market has become a conduit for illicit forex flows and graft.
He added that the apex bank will no longer process applications for BDC licences in the country.
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He disclosed that weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks.
Details later…