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CBN suspends 19 banks from forex sale to BDCs

13 October 2016, 19:29

Abuja - The Central Bank of Nigeria (CBN) has suspended all the banks, with the exception of First Bank, from selling dollar proceeds of International Money Transfer Services, IMTS, to Bureaux De Change, BDCs, Vanguard reports.

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.

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 complaints from the BDCs, with the Association of Bureaux De change Operators of Nigeria, ABCON, calling for a review of the policy measure.

It was gathered that the CBN decided to sanction the banks, following investigation, which revealed that most of them were either not complying or circumventing the directive.

The CBN in August reinstated the nine commercial banks that were recently suspended from the foreign exchange (Forex) market according to News24.

The banks were barred from the market on August 23 for allegedly hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account.

- News 24

Tags cbn nigeria

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