The sale of foreign exchange (forex) to Bureau De Change (BDC) operators which has been halted by Nigeria’s Apex bank, the Central Bank of Nigeria (CBN), has triggered a lot of reactions.
Part of the reactions were examined on the show, “Silverbird Today”, as the guest, Business Growth Expert, Nkechi Alade dissected how the ban affects small businesses.
The Bureau De Change ban was a directive from the CBN Governor, Godwin Emefiele after a two-day Monetary Policy Committee (MPC) meeting in Abuja.
The ban will ensure that the apex bank discharges its statutory function efficiently and sanitise the forex market.
The ban was made an option by Mr. Emfiele, to curb the “dubious and unwholesome practices” of BDC operators.
According to Emefiele, the BDCs” have gone beyond their primary role of being retail dealers of forex… and have become new agents that facilitate graft and corruption in the country.”
Look below for the video