In a move to stabilize the naira and narrow the gap between the official and unofficial foreign exchange rates The Central Bank of Nigeria (CBN) has formalised dollar sales to Bureau De Change (BDCs) operators after a three-year break.
It will be recalled that on July 27, 2021 the CBN under then governor, Godwin Emefiele discontinued the sale of foreign exchange to BDCs accusing them of trading FX wholesale that amounts greater than USD 5000, in contravention of their licences, and Nigeria’s FX regulations.
The former CBN governor then said, the BDCs turned themselves away from their objectives and have now become agents that facilitate graft and corruption in the country.
