Nigeria’s FX Crisis Will Continue Until We Scale Up Production For Export’

BDC Operators To Meet With CBN Governor Over Forex Ban

1 min read

Banned operators of Bureau De Change are set to meet with Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele.

The operators under the auspices of Association of Bureau de Change Operators in Nigeria (ABCON) said they will meet with the CBN Governor within the next one week.

This was disclosed by operators who preferred to remain anonymous.

“This ban is coming as a shock to all operators, including the executive of ABCON, as none of us was expecting such directive at a time the Naira has not been fairing well.

“No doubt, the effect will be on our currency. Already, the exchange rate as at today is around N525/$1 or more depending on the area,” Peter Adewuyi, a forex trader said.

READ ALSO  Super Eagles Stars Set To Light Up UEFA Europa, Conference Leagues

The CBN, on Tuesday, banned the licensing of new BDC operators and processing of their application for forex across the country.

CBN Governor, Godwin Emefiele, made this disclosure while reading the communique after the 2-day Monetary Policy Committee (MPC) meeting on Tuesday, July 27, 2021.

According to Emefiele, CBN receives about 574 license applications from BDCs every month adding that there are currently 5,500 licensed BDC operators across the country.

+ posts