CBN Suspends 19 Banks From FX Sale To BDCs

central bank

As a follow up to the suspension of 195 Bureau de Change, BDC operators, the Central Bank of Nigeria has also wielded its sledge hammer on 19 banks.

The CBN has also suspended 19 banks from selling proceeds of funds from international monetary transfer operators, IMTOs to BDCs.

The CBN discovered that banks were not selling Forex to BDCs but were rather using the funds for other unauthorised purposes.

Aminu Gwadabe, the head of trade association representing BDCs had complained that banks are not releasing funds to BDC operators giving an indication why the Forex crisis might not get any better.

PageOne Markets gathered that only First Bank is left to sell IMTO Forex proceeds to BDCs as 19 other banks will till further notice exempted from the market.

As for the 195 BDC operators suspended by the CBN, there is still much volatility in the market. Many Nigerian and business people are going through agonising experiences to get FX for several business and essential needs.

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