The Central Bank of Nigeria (CBN) has announced that it will no longer sell foreign exchange (forex) to Bureau De Change (BDC) operators in the country, because operators have been found to be channels for illegal financial flows.
This was disclosed by the CBN Governor, Godwin Emefiele on Tuesday, July 27, 2021, after a meeting of the Bank’s monetary policy committee.
According to the CBN boss, the apex bank will now channel forex through commercial banks, as BDC operators were accused of working with corrupt people to make money laundering easier in the country.
In addition, Emefiele suspended the issuance of new BDC licence.
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