Nigeria Business Information
No Result
View All Result
Wednesday, May 25, 2022
  • Login
  • Register
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
Subscribe
Nigeria Business Information
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
No Result
View All Result
Nigeria Business Information
No Result
View All Result
Home Nigeria News

CBN Stops Forex Sales to Bureau De Change Operators

by SAMUEL Olugbenro
July 27, 2021
in Nigeria News
Central Bank Of Nigeria

The Governor of the Central Bank of Nigeria disclosed after the Monetary Policy Committee two-day meeting in Abuja on Tuesday that the apex bank has stopped the sales of forex to the Bureau De Change operators in the country with immediate effect.

At the end of the meeting, the MPC also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

READ ALSO: Digital Currency: CBN Targets October for the Launch

While announcing the committee’s decision, Emefiele said, “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.

“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”

RelatedPosts

How CBN Forex Ban on BDC’s will affect small businesses in Nigeria

Speaking on the decision to stop forex sales to the BDCs, he 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.

He observed that the BDCs had continued to make huge profits while Nigerians suffered in pain.

According to him, the commercial banks would be monitored to provide forex for the legitimate use of Nigerians.

“The Central Bank will henceforth discontinue the sale of forex to Bureau de Change operators,” Emefiele said.

TOOLKIT: Are You New to Tenders/Contract Bidding and Require Assistance? CLICK HERE

Tags: Bureau De Change
ShareTweetShare

POPULAR

  • International Organisation For Migration

    International Organization For Migration (IOM)- Invitation To Bid For The Supply And Delivery Of Various IT Equipment For ENBMC (11 Lots)

    0 shares
    Share 0 Tweet 0
  • Check List of NGO/Governments Tenders with May 2022 Deadlines

    0 shares
    Share 0 Tweet 0
  • How to Check for your Individual TIN (Tax Identification Number) Online

    0 shares
    Share 0 Tweet 0
  • International Organization For Migration (IOM)- Request For Quotation For The Proposed Renovation Of MHAC Lagos Building At Joel Ogunnaike Street, Ikeja GRA, Lagos

    0 shares
    Share 0 Tweet 0
  • United States Embassy, Abuja- Request For Quotation For The Supply Of 2HP Panasonic Split Unit A/C (20 Items)

    0 shares
    Share 0 Tweet 0

Copyright © 2021. All Right Reserved Nigeria Business Information

No Result
View All Result
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription

Copyright © 2021. All Right Reserved Nigeria Business Information

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

instagram volgers kopen volgers kopen buy windows 10 pro buy windows 11 pro

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.