CBN Accuses BDCs of Turning to Money Laundering Agents *Stops Sale of Forex to Operators

Operators of Bureau de Change in Nigeria are in for a tough time as the Central Bank of Nigeria on Tuesday announced a halt in the sale of foreign currencies to them.

It was one of the highlights of the decisions taken at the end of the Monetary Policy Committee meeting which ended on Tuesday in Abuja.

The meeting, which started on Monday had looked at the nation’s economy in relation to inflation rate and the subsisting monetary policies.

Central Bank Governor, Godwin Emefiele, said at the end of the meeting that Bureau de Change operators have become channels through money launderers move funds.

“They have turned themselves away from their objectives. They are now agents that facilitate graft and corruption in the country. We cannot continue with the bad practices that are happening at the BDC market,” the apex bank Governor said

Accusing some of the BDCs of being owned by the alleged corrupt people, Emefiele warned banks that deal illegally in the handling of foreign exchange.

He said, “Several international organisations, embassies patronise BDC through illegal forex dealer to fund their institutions,” he added.

“We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them.”

At its last meeting, the committee members also voted to retain MPR at 11.5 percent – the rate it had been since September 2020.

Godwin Emefiele, governor of the apex bank, announced the committee’s decision on Tuesday at the end of a two-day meeting at the CBN headquarters in Abuja.

“The MPC made the decision to hold all policy parameters constant. Committee thus decided by a unanimous vote to retain monetary policy rate at 11.5%,” Emefiele said.


“MPC voted to retain asymmetric corridor +100 -700 basis points. It also voted to retain cash reserve ratio at 27.5% and retain liquidity ratio at 30%.”

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