Stella Dimoko Korkus.com: CBN suspends 19 banks from forex sale to to BDCs

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Thursday, October 13, 2016

CBN suspends 19 banks from forex sale to to BDCs

The Central Bank of Nigeria (CBN) has suspended all the banks, with exception of First Bank, from selling dollars proceeds of international money transfer services (IMTS) to Bureaux De Change (BDCs). 




Two months ago, the CBN had directed banks to sell proceeds of their international money transfer services to BDCs. This was in a bid to address the steady and sharp depreciation of the naira in the parallel market. 

Investigation however revealed that most of the banks were not complying with this directive, preferring to do brisk business with the proceeds.

This generated several complains from the BDCs, with the Association of Bureaux De change Operators of Nigeria (ABCON) calling for a review of the policy measure. 

According to Vanguard, the CBN decided to sanction the banks following investigation which revealed most of the were either not complying or were circumventing the directive.



Edited; From vanguard

19 comments:

  1. Whatever. They have to seek measures to add value to our naira

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  2. What's wrong with these banks sef? Let them come and explain why they aren't complying. The painful part is that gtb sent me an email to say that my monthly limit is now $250. Abeg, what kind of joke is that? I don't even want to answer that gtb cos they are a bone in my throat!!

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    Replies
    1. Madam alan poza, you don come again. You only comment on post you can pose. Weldone

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    2. Anon 08:56,ogini di?Is it your money? Is it your pose? Free Chikito biko,only the living can pose. Nkemdropsmic

      Delete
    3. Anon 08:56 - i wish you actually come back here and read your stupidity out loud.

      Delete
  3. Na them sabi o...which one concern me. I don't even know the last time I set foot in a bank sef.

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  4. Can naira get value again?
    Hoping things will change because this administration has come to worsen everything men

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  5. Emeifelemomics...He should go and learn from the likes of Soludo, Sanusi et all. We are still waiting for FDIs and FPIs despite rates being above 18% for the 1year instrument. They just wake up and nx dish out policies not minding the consequence,this newa might weaken naira against ths dollar when market opens today.


    God help Nigeria.

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  6. Hope this will help bring back the naira to its past glory

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  7. NIGERIA, NIGERIA, NIGERIA. how many times did I call you? OK continue, we shall survive.

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  8. Good for them..missylynn

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  9. Shame on all of them and this APC government. shame again. Naira N500.00 per 1 dollar. Shame on this emefilie. see his ugly face.

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  10. Pls wat did Buhari went to China to do? Everything has turned upside down since his trip. To get visa now is a struggle. The compulsory 1 year u get after the 6 months visa is now a mirage. Doing ATM in China is out of it cos banks now charge more than 80 naira while the market rate is 65 naira per Rmb. It's really frustrating. I am not a politician. Have never called buhari out in all my suffering but this one is just too much. Do we all have to shop in cannan market like poshrawyalty now before we can make profit? God forbid.

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  11. APC = All Promises Cancelled
    Thank God i never supported nor voted them so i regret nothing

    ReplyDelete
  12. APC = All Promises Cancelled
    Thank God i never supported nor voted them so i regret nothing

    ReplyDelete
  13. All these banks and their wuruwuru ways..

    ReplyDelete

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