CBN RELAXES ITS FOREIGN EXCHANGE POLICY AND BDC OPERATORS DEMAND FOR THEIR N35M DEPOSITS

The Central Bank of Nigeria, CBN on Monday relaxed its foreign exchange policy as it lifted the ban on commercial banks accepting cash deposits of  foreign currencies from customers.
The CBN Governor,Godwin Emefiele who announced this on Monday, 11th January in Abuja says the directive takes immediate effect.

Emefiele also stated in the briefing that the CBN will no longer continue sale of foreign exchange to Bureau de Change (BDC) operators accusing them of excessive greed and rent-seeking practices.

The BDC's according to the CBN Governor will now have to source foreign exchange from autonomous market.

"These measures are not intended to be punitive on anyone or any group"
"Rather it is meant to ensure that the CBN is better able to carry out its mandate in an effective and efficient manner, to guarantee the preservation of our scarce commonwealth, and that our hard-earned financial system stability remain intact to the benefit of all Nigerians", Emefiele said.

Meanwhile angry Bureau de Change operators in Abuja on Tuesday are demanding the refund of their 35 million naira deposit from the Central Bank of Nigeria.

The Chairman, Association of BDC Operators in Abuja, Yusuf Ibrahim speaking with the News Agency of Nigeria said,

"The issue of N35million deposit has to be revisited. Also, we need to know if this policy is temporary or permanent. This will determine our next action. We are saying this because the licence from CBN is now useless. It does not favour us one bit. So they should return this money so that we can put it back into business and make profit", Yusuf Ibrahim said.