The Central Bank of Nigeria (CBN) has reiterated its resolve not to 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, stated that the BDC operators have left their primary assignment of making dollars available to genuine traders and rather chosen to abuse the process, stressing the need to protect the Naira and conserve the depleted foreign reserves.Bureau De Change are making huge volume transactions in foreign exchange, contrary to the terms of their licence.

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.


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