At Last CBN Stops Forex Sales To BDC For Aiding Crimes, Illicit Flow Of Cash - Mc Ebisco At Last CBN Stops Forex Sales To BDC For Aiding Crimes, Illicit Flow Of Cash - Mc Ebisco
Latest News

At Last CBN Stops Forex Sales To BDC For Aiding Crimes, Illicit Flow Of Cash

Screenshot 2021 07 28 at 15 40 13 At Last CBN Stops Forex Sales To BDC For Aiding Crimes Illicit Flow Of Cash

In April this year, the federal government confirmed the arrest of 400 BDC operators for funding Boko Haram but till date, nothing has been further heard of them and no report of their trial.

On Monday, the apex bank announced immediate discontinuation of sale of Foreign Exchange (forex) to BDC operators in the country.

Screenshot 2021 07 28 at 15 40 26 224f16d7c2cf4dee8c31c1389e622d80 WEBP Image 720 × 592

The CBN Governor, Godwin Emefiele, made this known on Tuesday, while presenting a communique from the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja.

Emefiele said the move was made due to the unwholesome business practices of the operator, which he said had continued to put pressure on the Naira.

Screenshot 2021 07 28 at 15 40 05 fa142d3bbd6144ada56aa045983d6f7e WEBP Image 720 × 794 pixels — Scaled 80

He declared that, henceforth, the CBN would sell forex to Nigerians through the commercial banks.

In his words: “The CBN observed that the BDCs aid illicit financial flows and other financial crimes. The bank has thus, decided to discontinue the sale of forex to the BDCs with immediate effect.

Source: Mcebiscoo.com

 

Leave A Comment Below👇‍‍👇‍‍