Banks to collect forex deposits on CBN directive.


Commercial banks are now allowed to collect cash deposits of foreign exchange from customers following the the cancellation of the policy that hitherto bar them from such.

This followed the announcement of the stoppage of the policy by the Central Bank of Nigeria on Monday.

The CBN governor, Godwin Emefiele, said the new directive took immediate effect and that the apex bank would henceforth equally discontinue its sales of foreign exchange to Bureau de Change (BDC) operators, accusing them of excessive greed and rent-seeking practices.

The CBN governor explained that the BDC operators would now need to source their foreign exchange from autonomous sources.

He said to ensure that no operator violated the country’s anti-money laundering laws, the CBN would deploy more resources to closely monitor the sources of foreign exchange by the BDCs.

“These measures are not intended to be punitive on anyone or any group,” the CBN governor explained.

“Rather it is meant to ensure that the CBN is better able to carry out its mandate in an effective and efficient manner, to guarantee the preservation of our scarce commonwealth, and that our hard-earned financial system stability remain intact to the benefit of all Nigerians,” he added.
Foreign exchange crisis has threatened the economy in addition to falling oil prices.

To deal with the issue, the CBN introduced stringent measures to protect the naira and shore up the nation’s forex reserves, including stoppage of cash deposit of foreign currencies and also blocked use of naira debit and credit cards abroad, and transactions requiring payments in foreign currencies.

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