forex sales to BDCs and channel the funds through commercial banks in Nigeria. “The BDCs were regulated to sell a maximum of 5,000 dollars per day, but CBN observed that they have since been flouting that regulation and selling millions of dollars per day,” the central bank Governor said. “The CBN also observed that the BDCs aid illicit financial flows and other financial crimes. The bank has thus decided to discontinue the forex sales to BDCs with immediate effect.”
Accordingly, all commercial bank branches will set up a separate desk for this purpose, and Emefiele noted that any bank found to be noncompliant with the new policy will be sanctioned. “Once a customer presents all required documentation to purchase forex, the commercial banks should ensure they get the forex,” he said. “Any customer that is denied should contact the CBN on 0700385526 or through the email- cbd@cbn.gov.ng.”
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