BREAKING: CBN sacks First Bank directors

*…Says no more selling of dollars to them

*…Withholds processing of new license

*…Leaves MPR at 11.5%, CRR 27.5%

*…Bans banks from Crypto Currency transaction

By Emmanuel Elebeke

The Governor of Central bank of Nigeria, CBN, Godwin Emefiele has accused the operators of Bureau De Change, BDCs in the country of engaging in illicit graft of dollarizing the Nigerian economy and vowed that the bank will henceforth no longer sell dollars to them.

The CBN governor made this known on Tuesday during the ongoing MPC in Abuja.

He said the bank, being the only apex bank selling dollars directly to the BDCs in the world, regretted its action based on recent discovery that the BDC had betrayed the confidence bestowed on them.

READ ALSO: Boko Haram:  FG must try arrested BDC operators openly— Ndume

He said they have now decided to deal directly with the commercial banks in order to save the economy from further abuse.

According to him, the BDC operators had become a conduit pipe for illicit fund flow rather than being partners to the CBN in selling a small amount of dollars to travelers and those in urgent need.

Details later:

Vanguard News Nigeria

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.