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CBN accuse embassies, international organizations of forex regulations contravention

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The Central Bank of Nigeria (CBN) has threatened to report embassies, international organizations and development finance organizations to their countries for contravening Nigeria’s foreign exchange regulations.

This follows the allegation that these embassies and financial organizations use and sell foreign exchange to the Bureau De Change (BDC) operators to fund their local operations instead of selling their forex at the Investors and Exporters (I & E) window, which is the official market.

This was made known by the CBN Governor, Godwin Emefiele, on Tuesday, while briefing the press on the outcome of the 2-day Monetary Policy Committee (MPC) meeting, which was held in Abuja.

The CBN boss also announced immediate discontinuation of the sale of foreign exchange to Bureau de Change (BDC) operators in the country due to the unwholesome business practices of the BDCs, which he said had continued to put enormous pressure on the Naira.

He said that the BDCs were now agents that facilitate graft and corruption in the country in addition to becoming conduits for illegal financial flows working with corrupt people to conduct money laundering in Nigeria.

”The BDCs were regulated to sell a maximum of 5000  dollars per day,  but CBN observed that they have since been flouting that regulation and selling millions of dollars per day.

The CBN also observed that the BDCs aid illicit financial flows and other financial crimes,” Emefiele said.

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