No plan to convert bank customers’ foreign currency into naira- CBN

The Central Bank of Nigeria has rubisshed insinuations that suggested it was planning to convert the foreign exchange in domiciliary accounts of bank customers into naira.

The Acting Director in charge of Corporate Communications, Osita Nwanisobi, insisted such talks was imagination of criminal elements looking to create panic in the foreign exchange market.

He gave the assurance that the CBN will ensure that the legitimate FX demands of customers are met by commercial banks, as he advised FX operators to go about their business without worries.

According to ThisDay, he said this days after the CBN Governor, Mr. Godwin Emefiele, announced that deposit money banks will henceforth be in charge of the sale of foreign exchange to Bureaux De Change and other customers.

Addressing journalists at the end of a two-day deliberation by the Monetary Policy Committee, Emefiele stated that BDCs disregarded the CBN policies put in place to safeguard the value of the naira.

He said, ”In particular, we have noted with disappointment and great concern that our BDC operators have abandoned the original objectives of their establishment which was to serve retail end users who need $5,000 or less.

“Instead, they have become wholesale dealers dealing in forex to the tune of millions of dollars per transaction, despite the fact that Nigeria is the only country in the world today where a central bank sells dollar directly to BDC operators.”


See also  PMI: Nigeria’s manufacturing sector records growth

Leave a Reply