BREAKING: CBN Bans Sale Of Forex To Bureau De Change

CBN Bans Sale Of Forex To Bureau De Change

The Nigerian Central Bank CBN, on Tuesday, halted any further foreign currency transactions with bureau de change employees.

iexclusive News Nigeria reports that Governor Godwin Emefiele announced in a news conference on Tuesday afternoon that the bank will halt the granting of new licenses to money changers across the nation with immediate effect.

The move comes as the bank ramps its measures to prevent the country’s economy and currency from deteriorating further.

Bureau de change operators has long been a prominent black market, offering exchange rate assistance to people who are unable to get foreign currency from the CBN in a legitimate manner.

The restriction of their capacity to get foreign cash from the CBN could have a substantial impact on the economy and put more pressure on the naira.

Following the naira’s broad depreciation against the US dollar and other major foreign currencies, the Buhari administration has been chastised for mismanaging the country’s economy.

When the regime took control in 2015, a dollar was worth around 180 Naira; currently, it’s worth around 411.50 naira, and approximately 510 Naira on secondary markets.