The Central Bank of Nigeria (CBN) has shut its door against any negotiations with Bureau De Change operators, whose operations it said has been canceled.
They are not coming back, says the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at the end of its 138th meeting on Friday.
It insisted that the door has been permanently shut against Bureau De Change operators (BDCs) in the country and that no amount of pressure will make it rescind its decision.
The CBN Governor and MPC Chairman, Mr Godwin Emefiele made the declaration and also vowed to take on Aboki FX for its alleged illicit activities in the Nigerian forex market.
Emefiele also disclosed that the committee retained all policy parameters, leaving the Monetary Policy Rate (MPR) at 11.5 per cent; asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.5 per cent; and Liquidity Ratio at 30 per cent.
Emefiele revealed that the MPC expressed concerns over the blooming insecurity in the country, calling for its arrest because it was capable of retarding the economic recovery momentum.
On forex, Emefiele said the CBN will continue to restrict the activities of illegal forex dealers, even as he advised forex seekers to explore the Investors and Export (I and E) window to ensure transparency and stability in the market, even as he also advised banks to adhere strictly to CBN guidelines on forex sales.
