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The Central Bank of Nigeria (CBN) has suspended commercial banks in Nigeria from selling foreign exchange directly to Bureaux De Change operators following their failure to comply with the July 22, 2016, directive to sell inflows from International Money Transfer Operators (IMTO) to BDC.
First Bank is the only bank exempted from the suspension.
The CBN Wednesday also suspended 195 BDCs from the market following their failure to renew their operating licenses.
Sources a circular on the development was sent to the banks on Wednesday.
The CBN has instead directed the agent banks to sell forex proceeds from diaspora remittances to Travelex, who will then sell directly to the BDC.
THEWILL quotes banking sources as saying that the CBN acted following the banks’ lackaidaisical stance on the directive to deal directly with the BDCs. Instead the banks have been sitting on the forex and doing deals with the funds.
The naira has maintained a steady rise at parallel market closing at N467 from over N500 high in the last week in the parallel market since Travelex commenced the distribution of $15, 000 weekly to BDCs from diaspora remittances as directed by the CBN. Travelex has also commenced the limited sale of forex directly to travelers who qualify.