Addressing a media briefing in Abuja, the CBN governor, Godwin Emefiele, said the BDC’s operators are however allowed to source forex from any other source that will not be contrary to the money laundering laws. The governor stressed that there would be strict monitoring of these sources.
According to Nigerian media reports, Emefiele said Nigeria was the only country in the world where the central bank would provide the BDC operators with foreign exchange, adding that with the continued depletion of the foreign reserves, such funding was no longer sustainable.
The central bank also relaxed some of its foreign currency controls by lifting its ban on foreign currency cash deposits in commercial banks.
The naira fell on the parallel market to 282 to the dollar following the new policy, from 277 to the greenback at the weekend.
By: Aviwe Mtila.
Review: Emerging Market Formulations & Research Unit, Flagship Records.
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