CBN Suspends Sale of FOREX to BDCs

Breaking: CBN Suspends FOREX Allocation to BDCs via thisdaylive

*FOREX sale now to be conducted by banksCiting various regulatory infractions and other unwholesome practices, the Central Bank of Nigeria Tuesday said it will henceforth discontinue the sale of forex to Bureau De Change operators in the country.

The apex bank added that commercial banks were now permitted to begin to accept cash deposits of foreign exchange from their customers. The CBN also expressed concerns about the broad level of insecurity across the country, noting its impact on business confidence and overall economic activities. The move against BDCs came on a day the apex financial system regulator, also resolved to retain Monetary Policy Rate , otherwise known as interest rate, at 11.5 per cent and 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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