CBN Bans Sale Of Dollars To Bureau De Change Operators

Published

2 years ago

July 27, 2021

NewTimes

Emefiele Sick, Can't Meet With Reps - CBN

Piqued by Bureau De Change operators (BDCs)’s abuse of their role as channels of financial transactions, the Central Bank of Nigeria (CBN) has banned the sale of dollars to them.

The ban was announced on Tuesday by the CBN Governor Godwin Emiefele at a press briefing which held after a meeting of the Monetary Policy Committee of the bank.

Emefiele said the N5. 7 billion allocated to BDCs had become unsustainable as $20,000 is allocated to over 5500 BDCs, amounting to $110million per week.

He decried a situation where the BDC operators have become a conduit for illegal financial flows.

Emefiele also said the CBN would no longer continue the registration of new BDCs and the current allocation would be channelled to commercial banks.

He disclosed that all commercial bank branches would create a separate desk for sales of forex.

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BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

Published

4 days ago

June 1, 2023

NewTimes

BREAKING: Old Naira Notes Deadline Stays - Emefiele

CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

Arts & Culture

BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

Published

5 days ago

May 31, 2023

NewTimes

Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate

President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.