CBN Lifts Ban on Cash Deposit of Dollars and Others
The Central Bank of Nigeria has lifted a ban stopping commercial banks from accepting cash deposits of foreign exchange from customers.
According to the governor of the apex bank, Godwin Emefiele, in Abuja on Monday, the directive is to take immediate effect.
Following it's directive, the CBN would going forward, stop the sales of foreign exchange to Bureau de Change (BDC) operators, which it accused of excessive greed and rent-seeking practices.
The CBN governor said that the BDC operators would now need to source their foreign exchange from autonomous sources.
He said to ensure that no operator violated the country’s anti-money laundering laws, the CBN would deploy more resources to closely monitor the sources of foreign exchange by the BDCs.
“These measures are not intended to be punitive on anyone or any group,” the CBN governor explained.
“Rather it is meant to ensure that the CBN is better able to carry out its mandate in an effective and efficient manner, to guarantee the preservation of our scarce commonwealth, and that our hard-earned financial system stability remain intact to the benefit of all Nigerians,” he added.
CBN in 2015 had ordered stoppage of cash deposit of foreign currencies and also blocked use of naira debit and credit cards abroad, and transactions requiring payments in foreign currencies.
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