CBN Lifts Ban on Dollar Deposits, Withdrawals

Central Bank of Nigeria (CBN) has finally lifted the ban stopping commercial banks from accepting cash deposits of foreign exchange from customers, in order to stem the growing foreign exchange crisis.

The apex bank also said that it would discontinue its sales of foreign exchange to Bureau de Change (BDC) operators.

Godwin Emefiele, CBN governor accused the BDCs of excessive greed and rent-seeking practices.

Emefiele, who spoke in Abuja on Monday said that the new directive takes immediate effect.

According to the CBN boss, BDC operators will now have to source for their foreign exchange from autonomous sources.

Emefiele disclosed measure will be put in place so that no operator violate the country’s anti-money laundering laws, stating the CBN would deploy more resources to monitor closely the sources of foreign exchange by the BDCs.

He said: “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.”