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“Importing foreign currencies without our authorization is now illegal,” says The Central Bank of Nigeria (CBN), in a move following the withdrawal of operating licenses of 20 Bureaux de Change (BSCs). In a statement by the CBN, signed by its Director of Corporate Communications, Mr Ugo Okoroafor, it states that, “BDCs purchased and sold huge sums of U.S. dollars with no documentation to show details of the transactions.” The statement quoting its Deputy Governor, Economic Policy, Dr. Sarah Alade, said, “The CBN frowns at the existence of strong foreign exchange demand pressure from domestic sources. CBN has observed a surge in dollar cash importation by banks and the huge cash sales of the dollars to BDCs by the banks. “The purchase and sale of the cash were not adequately documented by the BDCs. If the trend is not contained, it could pose grave threats to the value of the naira as well as the Nigerian economy which has gradually become dollarised.” The statement also said, “To guard against stifling the activities of the BDCs, the CBN has authorised all deposit money banks to deal at the official foreign exchange market rate. Banks can only sell foreign exchange cash to BDCs subject to a maximum of 250,000 dollars per week per BDC. “The CBN also advises all BDCs to continue to comply with the conditions of their operating licenses, including the proper rendition of returns with respect to the purchases and sales of foreign exchange.’’
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This article was first published on 2nd October 2013

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