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Thursday, 13 October 2016

CBN suspends all banks except first bank from forex sale to BDCs

The Central Bank of Nigeria (CBN) has suspended all the banks, with the exception of First Bank, from selling dollar proceeds of International Money Transfer Services, (IMTS) to Bureau De Change, BDCs till further notice. The suspension came as a result of none compliance to the directive CBN had given to banks two months ago to sell proceeds of their international money transfer services to BDCs.

This was in a bid to address the steady and continuous depreciation of the naira in the parallel market of which they ignored, preferring to do brisk business with the proceeds. This, however generated several complaints from the BDCs, with the Association of Bureaux De change Operators of Nigeria, ABCON, calling for a review of the policy measure.

According to reports, CBN, after due investigation, which revealed that most of them were either not complying or short-changing DBCs by selling at higher margin, except First Bank, which has been allowed to continue with the business, had decided to sanction them.

Reports also have it that the non-compliant banks have been directed to give up 25% of the dollars received through international money transfer services to DBCs. This development is to help mop-up the held dollar position by non-compliant banks and make it available to all BDCs nationwide soon.

22 comments:

Uju Phil said...

Na waoh...this is really serious!

livingstone chibuike said...

Good to knw

OSINANL said...

WHATEVER I DO NOT CARE.... THIS EVIL APC's GOVT HAS FAILED

Bonita Bislam said...

Serves em right

CHERYL (aka FROM GLORY to GLORY) said...

Trial and error government. These banks r not also helping matters so good one.. let's all lose at both sides.

Long Live LIB

The Buzz said...

Wow....this is getting more interesting!

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Yusuf Dimas said...

Isn't this move going to make the dollar soar even higher against the Naira in this recessive times the Nation is faced with?

Habit Clinic said...

PACKAGE FOR LIB READERS

Baze Tunes said...


Quite obvious we dont know wat our beloved country is turning to anyway thanks aunty linda commenting from BAZETUNES.COM

Eddy Ogbunambala said...

Hmmm

Ndubisi Tochukwu said...

Time for first bank to hammer.
Signed
LibBadBoy

Anonymous said...

the banks are the big crook in this calamity

Eleojo Blessing said...

Hmnmmmm

Juliet Iwuno said...

Very good! Linda take note!

Ogenah Boris said...

Hmm

Vivian Reginalds said...

indirect advert for FBN
-D great anonymous now as Vivian Reginalds

Genevieve Okoroigbo said...

Phewwww!






says, Genevieve.

Nseabasi Ekpo said...

noted

Saphire Muna said...

...... Only Jesus can save.........















............ Liber maniac...........

Alloy Chikezie said...

Don't even understand shit about all this stuffs.

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King Maker said...

First bank remains the best bank in nigeria any time any day

***Lush said...

Unnecessarily big grammar that the common man cannot understand.

Incomprehensible language too. Randomly mixing up big English does not give your writing more credibility.




***Lush

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