Breaking News
BREAKING: CBN Ends Forex Sales To Bureau De Change Operators
The CBN Governor, Godwin Emefiele, disclosed this after the Monetary Policy Committee’s two-day meeting in Abuja on Tuesday.
He, however, stated that the MPC also retained the Monetary Policy Rate at 11.5 percent at the end of the meeting.
According to him, the Cash Reserve Ratio and Liquidity Ratio at 27.5 percent and 30 percent respectively were also retained.
“The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 percent.
“In summary, MPC voted as follows, one, retain MPR at 11.5 percent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 percent, and retain the Liquidity Ratio at 30 percent,” he said.
On the decision to stop forex sales to the BDCs, Emefiele said the BDCs had defeated their purpose of existence to provide forex to retail users, but instead, they had become wholesale and illegal dealers.
”We observed that the BDCs have continued to make huge profits while Nigerians suffered in pain.
”The commercial banks would be monitored to provide forex for the legitimate use of Nigerians.
“The Central Bank will henceforth discontinue the sale of forex to Bureau de Change operators,” Emefiele added.
-
News7 days ago
Cooking Gas Price Has Fallen
-
Sports6 days ago
Finidi agrees deal with NFF, names three foreign assistants
-
News7 days ago
Read How Auxiliary Was Whisked Away By Masked Security Agents as Family member Speaks
-
Politics6 days ago
Atiku Says Tinubu’s Son Is A Director In Company Related To Coastal Road Contract
-
Politics7 days ago
Rivers Crisis: I Can’t Bow To Wike, He’s Not God – Fubara
-
News7 days ago
ERA OF GIVING OIL BLOCS TO POLITICIANS AS PATRONAGE IS OVER SAYS LOKPOBIRI
-
Entertainment6 days ago
“I Met My Husband Online And I’m Happily Married To Him As The 3rd Wife”– Bimpe Akintunde Says As She Shed More Light On Her Marriage
-
Sports6 days ago
Raphael Onyedika Suspended For Club Brugge’s Conference League Clash With Fiorentina