CBN stops forex sale to BDCs

The Central Bank of Nigeria has discontinued sale of foreign exchange to Bureau De Change operators as part of move to preserve the nation’s external reserves.

The CBN governor Godwin Emefiele, who announced the decision on Monday in Abuja, said the BDCs operators are however allowed to source for forex from any other source that will not be contrary to the money laundering laws.

Emefiele said the apex bank could not contend with the enormous challenges and reduction   of the external reserves.



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