The Central Bank of Nigeria has ended the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and fraud.

The bank said it will no longer grant applications for BDC licences in the country.

The CBN governor, Godwin Emefiele, said Tuesday in a live TV broadcast that henceforth, weekly sales of foreign exchange by the CBN will go directly to commercial banks.

“We are concerned that BDCs have allowed themselves to be used for graft,” Emefiele said.

He said several international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into Nigeria.

He said the organisations have chosen to channel forex through the black market than use the official Investors and Exporters (I&E) window, called Nafex.

Read more: https://newscentral.africa/2021/07/27/nigerias-central-bank-bans-sales-of-forex-to-bdcs/