Central Bank of Nigeria stops sale of forex to Bureau De Change operators, Digital Currency to be launched Oct. 1st 2021

Written by on July 28, 2021

Central Bank of Nigeria has decided to stop selling all foreign currencies to bureau de change operators (BDC) and to sell directly to commercial banks.

CBN Governor, Godwin Emefiele, announced this after the Monetary Policy Committee two-day meeting in Abuja on Tuesday.

Godwin Emefiele says the CBN will not be processing any applications for Bureau De Change licenses in the country, and sales of foreign currencies to the BDCs will be stopped.

The CBN boss said that all sales of forex to BDCs have made the parallel market a channel for fake moneys, also noting that the Bureau De Change operators have abandoned the original objectives of their establishment, to serve retail end users with needs of $5,000 or less. They have become wholesale and illegal dealers- he added.

CBN Governor says all weekly sales of foreign exchange will be directly to commercial banks, adding that the commercial banks would be monitored to provide forex for the legitimate use of Nigerians.

The CBN has also announced to launch a pilot scheme of Digital currency on 1st October, 2021.

This was announced via a private webinar of the 306th Banker’s Committee meeting on July 22nd.

The bank have been conducting research regarding CBN digital currency 2017 said the CBN Director IT department, Rakiya Mohammed.

The digital currency project is tagged “PROJECT GIANT” and its importance to the Nigerian economy will be micromanagement and growth, cross border trade facilitation, revenue tax collection, financial inclusion, monetary policy effectiveness, improved payment efficiency and remittance improvement- CBN reveals.


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