Breaking: CBN Suspends FOREX Allocation to BDCs

Breaking: CBN Suspends FOREX Allocation to BDCs via thisdaylive

FOREX sale now to be conducted by banksThe Governor of the Central Bank of Nigeria , Mr. Godwin Emefiele, Tuesday announced the stoppage of foreign exchange allocation to Bureau De Change operators in the country.

He also said the CBN had suspended further processing of BDCs application for FOREX henceforth as well as stopped additional licensing of operators. He said the BDCs had abandoned the primary duties to engage in illicit transactions among other failings.The CBN also resolved to retain Monetary Policy Rate , otherwise known as interest rate at 11.5 per cent.

The CBN Governor, Mr. Godwin Emefiele, after the two-day monthly Monetary Policy Committee meeting, said the committee also resolved to maintain the asymmetric corridor of +100/-700 basis points around the MPR.The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy.

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