Sunday, September 19, 2021

Naira slides to 505/$ as CBN stops forex sale to BDCs

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The naira fell slightly to the dollar at the parallel market few hours after the Central Bank of Nigeria yesterday announced the discontinuity of forex supplies to the Bureau de Change Operators in the country.

The CBN Governor, Godwin Emefiele, announced the end of forex sales and new licence approval after the Monetary Policy Committee two-day meeting in Abuja.

He expressed the MPC’s disappointment over their continuous abuse of the privilege.

At the end of the meeting, the MPC retained the lending rates and other Parameters.

Speaking on the decision to stop forex to the BDCs, Emefiele said the MPC noted with disappointment and great concerns that the BDCs had defeated their purpose of existence to provide forex to retail user, but instead, they had become wholesale and illegal dealers.

The BDCs, he observed, had continued to make huge profits while Nigerians suffered in pain.

He said the commercial banks would be monitored to provide forex for the legitimate use of Nigerians.