CBN stops sales of Foreign Exchange to Bureau de Change

The Central Bank of Nigeria will no longer sell foreign exchange to Bureau de Change in the country, according to the CBN Governor Godwin Emefiele.

The CBN had severally alleged the practice is affecting the Naira negatively.

The CBN hitherto sold $30,000 per week to the about 2,618 registered BDCs in Nigeria who apply. The CBN allows them to sell at some 3.5 per cent margin to keep afloat.