The Central Bank of Nigeria (CBN) has suspended all the banks, with exception of First Bank, from selling dollars proceeds of international money transfer services (IMTS) to Bureaux De Change (BDCs).

Two months ago, the CBN had directed banks to sell proceeds of their international money transfer services to BDCs. This was in a bid to address the steady and sharp depreciation of the naira in the parallel market. Vanguard investigation however revealed that most of the banks were not complying with this directive, preferring to do brisk business with the proceeds.

This generated several complains from the BDCs, with the Association of Bureaux De change Operators of Nigeria (ABCON) calling for a review of the policy measure. Vanguard reliably gathered that the CBN decided to sanction the banks following investigation which revealed most of the were either not complying or were circumventing the directive.

http://www.vanguardngr.com/2016/10/cbn-suspends-19-banks-forex-sale-bdcs/

double post

There is more to this CBN directive. They can't just restricts 19 banks from selling to BDCs.

God na your Hand i dey o

Truth234:
There is more to this CBN directive. They can't just restricts 19 banks from selling to BDCs.

Bros, I am wondering too

ammyluv2002:
God na your Hand i dey o

What happened?

Is this going to create a scarcity of FX?

New news everyday

This is really a change. One chance change

Lol

Cbn spending banks left right and center since independence. Well na part of chanji

when mod is high on weed.

one topic will appear more than once on fp

Tomorrow we go hear say they no suspend them again. I dey wait for that one, na im be news no be this one.

Is that why GTB all of a sudden exchanges 1 dollar to 450 naira?

This CBN self! Only God understands their direction! Well, its not as if Bubu has a direction.

Mopolchi:
Tomorrow we go hear say they no suspend them again. I dey wait for that one, na im be news no be this one.

Lol..funny you

Nigeria!! Una country.. yeye de smell

gudnex22:
when mod is high on weed.

one topic will appear more than once on fp

pls be nice

Moderator, which area your supplier dey, you are on the good stuff. You put CBN trial policy on repeat.

That's why they reviewed their dollar spent per month to $250.

Useless banks

FirstBank is Nigeria's most concrete and stable bank...

It's the right measure because banks are not complying to CBN forex standards. Imagine hoarding dollars and selling at ridiculous price to BDC and manufacturers. These crooks are lazy bastards who wants to become dangote over night.

The only demerit now is since dollars will not be available for BDC, hope naira will not devalue to 1000 naira per dollars

They are on a mission to bail First Bank from the negative publicity of low liquidity of yesterday, Bikonu we understand,.

Nigeria we shouldn't be celebrating independence until we get things right in this country

19 too much na. Na how many come remain?

Nigerian banks are just too lazy! Cant borrow to the real sector, cant be trusted to fund long term agricultural projects, just rely on government deposit until TSA showed them up...

Werey re o!! Buhari is about to send us 100 yearsback

I seeeeee

I think there is a need to review the procedures,banks are selling dollars to their families instead selling to bdc directly,their families will add one naira before selling to bdcs.may God safe our co3 from corrupt practices everywhre.

OK

What now happens to the inflow dollars with these 19 banks??