Brands and Marketing
BREAKING: CBN Bans Sales Of Dollars In Nigeria

CBN Bans Sales Of Dollars In Nigeria
The Central Bank of Nigeria says it has ended the sales of forex to Bureau De Change operators, Onyxnewsng reports.
The Apex bank says the parallel market has become a conduit for illicit forex flows and graft.
The bank said it will also no longer process applications for BDC licences in the country.
Adding that weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, made this known on Tuesday in a live TV broadcast after announcing that the bank has retained its benchmark policy rate.
“We are concerned that BDCs have allowed themselves to be used for graft,” Mr Emefiele said.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
He said the organisations have chosen to channel forex through the black market than use the official Investors and Exporters (I&E) 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.
“We will deal with them ruthlessly and we will report the international bodies,” he said.
READ ALSO: Three Neccessary Documents You Must Provide During Npower Batch C Physical Verification
JUST IN: CBN To Introduce Digital Currency (See Date)
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.
Cusromers not attended to by the banks are to report to the CBN through a toll free number: 0700 22 55 226 or email: cbd@cbn.gov.ng.
“This measure is not punitive on anyone, but it is to ensure the CBN is able to carry out its legitimate mandate of serving all Nigerians,” the CBN governor said.
-
Headline1 week ago
UPDATED: No Parade On October 1st, FG Govt Reveals Shocking Reasons
-
Entertainment1 week ago
BBNaija: See Housemates Evicted Last Night
-
Headline1 week ago
JUST IN: FG Govt Declares Oct 1 Public Holiday, See What To Expect
-
Headline1 week ago
BREAKING: ARISE TV Presenter Sommie Shot Dead
-
Headline1 week ago
BREAKING: Spain Closes Schools, Parks As Flood Fears Grip Valencia
-
Headline1 week ago
FIFA W’CUP: S’Africa Faces Point Deduction, £9000 Fine
-
Headline1 week ago
Spanish Super Cup Semi-final Draw Confirmed [Full fixtures]
-
Headline6 days ago
JUST IN: Abuja-Kaduna Train Service Set To Resume Work— NRC
-
Headline5 days ago
2026 W’CUP: FIFA Releases Trionda, The Official Ball For The Tournament
-
Headline1 week ago
NIGERIA @65: President Tinubu’s Independence Anniversary Speech (Full Texts)