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CBN rules out reversal of ban on forex sale to BDCs

By News Express on 22/01/2016

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The Central Bank of Nigeria (CBN) will not back down on its decision to stop the sale of foreign exchange to Bureau De Change (BDC) operators.

The CBN’s Director of Monetary Policy, Mr Moses Tule, made the statement on Thursday while speaking on Channels Television’s Sunrise Daily.

He said that the BDC operators have abandoned their primary functions, stressing the need to protect the Naira and conserve the depleted foreign reserves.

“We have Bureau De Change that are making huge volume transactions in foreign exchange, contrary to the terms of their licence.”

The CBN official also noted that the BDC operators have taken a life of their own, saying they took actions that threatened the decision of the CBN.

“The Association of Bureau De Change Operators, which is supposed to serve as a self-regulating association, has taken on an entire life of its own and they act as a trade union, making demand that the Central Bank reverses its policy.”

But the acting President of the BDC operators, Aminu Gwadabe, has expressed displeasure with Mr Tule’s claims.

He insisted that the operators are professionals who were being unfairly treated by the CBN.

“The Central Bank licensed Bureau De Change operators only contribute five per cent in the market (that is their market share). The other 95 per cent is being shared among the banks, the Central Bank and the street hawkers (these are the players in the market).”

Mr Gwadabe wondered how a sector that only play five per cent would control the activities of the market.

“Our concern is not to fight the CBN policy, our concern is not to constitute ourselves as a trade union, (but) we are a professional organisation,” he said, maintaining that the group is a professional organisation.” (Channels TV)

•Photo shows CBN Gov. Emefiele.

Source News Express

Posted 22/01/2016 04:59:15 AM

 

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