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FOREX Crisis: CBN Lifts Ban On Cash Deposit Of Dollars, Others

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, said Monday that the apex bank has lifted a ban stopping commercial banks from accepting cash deposits of foreign exchange from customers.
He said the decision the new directive, which made in Abuja took immediate effect, adding that the CBN 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 stated 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 apex bank 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.
Nigeria has been hit by foreign exchange crisis on account of falling oil prices.
Some of the stringent measures taken by the CBN to protect the naira and shore up the nation’s FOREX reserves include stoppage of cash deposit of foreign currencies and also blockage of the use of naira debit and credit cards abroad, and transactions requiring payments in foreign currencies.

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