Breaking: CBN suspends forex sales to BDCs amid money laundering allegations

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Photo: CBN Governor Emefiele

The Central Bank of Nigeria (CBN) has suspended the sales of foreign exchange to Bureau De Change (BDC) operators in the country.

Godwin Emefiele, Governor of the apex bank made the announcement on Tuesday after a meeting of the Bank’s monetary policy committee.

According to the CBN Governor, the BDC operators have been found to be conduits for illegal financial flows.

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He said that the BDCs have been found to be working with corrupt people to facilitate money laundering in Nigeria.

This, he said, had made it necessary for the apex bank to suspend the issuance of new BDC licenses.

Emefiele said that the CBN had already directed commercial banks to set up forex desks to serve customers as forex would henceforth be channeled through them.

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