CBN stops sale of forex to BDCs, says they’re money laundering agents

The Central Bank of Nigeria (CBN) Tuesday has suspended the sale of forex to Bureau De Change, BDCs.

Central bank governor Godwin Emefiele, made the announcement at the Money Policy Committee meeting, MPC, in Abuja

He also said no more new BDC licenses will be issued and the apex bank will start selling prior BDC funds to commercial banks.

“We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them, said Emefiele.

Commercial banks are to create outlets at all branches for sale of FX to public

Consumers have been asked to report to the CBN if you can’t get retail FX from your bank.

More to follow