The Central Bank of Nigeria (CBN), in its latest circular which sets out the new guidelines for the operations of Bureaux de Change (BDCs) operators, has said that hawking of foreign exchange on the streets, common in Lagos, Abuja, and Port-Harcourt, and which has endured for over three decades, surviving civilian and military administrations, will no longer be accommodated.
Though the circular did not outline how it will deal with hawkers, it stated that from January 1, 2016, street trading of the dollar is “non-permissible” and will be severely punished by the bank.

“Similarly, it shall be a ground for the revocation of licences should any street trader in foreign currencies be found to have any business relationship with a licenced BDC,” the guideline reads.
The circular, titled “Revised Operational Guidelines for Bureaux de Change in Nigeria,” prescribes that for a BDC to be considered valid in 2016, its must meet the financial requirement of depositing N71.45 million with the CBN.
https://www.today.ng/business/52550/cbn-bans-street-trading-of-forex-from-jan-1

In Dubai there is nothing like Street trading of forex...

These guys at CBN who collect fat salaries and pecks just chun out policies without looking at the fall out!

Dollar is now 270 naira yet they have no idea on how to bring it down knowing fully well that this is a massive import dependent economy.

If your intention is to control the flow of dollar, are there no better ways to do that? Crazy Bank of Nigeria.

All they needed to have done was to create a special dollar card (digital dollar) which will be given to all paper dollar owners/users at a fixed rate of say 200 naira to a dollar and to forthwith make paper dollar a contraband in Nigeria. Only CBN should have access to paper dollar which they will use to back up the digital dollar currency created.

With the use of digital dollar, control measures can be put in place to ensure that the demand and supply mix doesnt alter the fixed interest rate arrived at.

If there are no paper dollar in CBN's vault to back up any extra digital dollar demands, such transactions would not go through until the CBN can support such transaction.

This will be a tactical way to discourage the over dependence on foreign goods and services. There will be no parallel market to run to and with time, local alternatives would be found.

Steady exchange rate would attract more investors and there will be more influx of dollar which will be mopped up by CBN to enable them back up legitimate and non economy hurting imports.

A role should be created for bureau de change operators too in the whole arrangements so that their jobs will be assured.

CBN! do the needful before you kill Nigeria!

CBN exchange rate for dollar yesterday : $1 - N196.97

Blackmarket $1 - N262 today is now N280 and speculations are that it's going to get to N300/400

What is the way forward for us all abeg?

The street traders make fx conveniently accessible to the end users, trying to stop them would do more harm than good!