The regulator will henceforth sell dollars and other foreign currencies directly to commercial banks, which have been mandated to sell to Nigerians.
says it has ended the sales of forex to Bureau Du Change operators, saying the parallel market has become a conduit for illicit forex flows and graft.Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, said Tuesday in a live TV broadcast after announcing that the bank has retained its benchmark policy rate.
He said the organisations have chosen to channel forex through the black market than use the official Investors and Exporters window, called Nafex. Mr Emefiele said the regulator will “deal ruthlessly” with banks allowing illegal forex dealers to use their platforms and will report the defaulting international organisations to their regulators.Sales to Nigerians
Accordingly, Mr Emefiele said banks are mandated to “immediately” and transparently sell forex to customers who present the required documents. All banks are to immeidtaely create dedicated tellers for the same purpose.
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