The Central Bank of Nigeria (CBN) has suspended all the
banks, with exception of First Bank, from selling dollars proceeds of
international money transfer services (IMTS) to Bureau De Change (BDCs).
Two months ago, the CBN had directed banks to sell proceeds of their international money transfer services to BDCs. This was in a bid to address the steady and sharp depreciation of the naira in the parallel market.
Two months ago, the CBN had directed banks to sell proceeds of their international money transfer services to BDCs. This was in a bid to address the steady and sharp depreciation of the naira in the parallel market.
According to Vanguard
investigation, most of the banks were not complying with
this directive, preferring to do brisk business with the proceeds.
This generated several complains from the BDCs, with the Association of Bureaux De change Operators of Nigeria (ABCON) calling for a review of the policy measure.
This generated several complains from the BDCs, with the Association of Bureaux De change Operators of Nigeria (ABCON) calling for a review of the policy measure.
Vanguard reliably gathered that the CBN decided to sanction the banks
following investigation which revealed most of the were either not complying or
were circumventing the directive.
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