CBN suspends all banks with the exception of first bank from forex deal to BDCs

The Central Bank of Nigeria (CBN) has suspended every one of the banks, except for First Bank, from offering dollar continues of International Money Transfer Services,


 (IMTS) to Bureau De Change, BDCs till further notice. The suspension came as an aftereffect of none consistence to the order CBN had given to banks two months prior to offer continues of their worldwide cash exchange administrations to BDCs.

This was in an offer to address the relentless and consistent deterioration of the naira in the parallel market of which they overlooked, wanting to do lively business with the returns. This, however created a few grievances from the BDCs, with the Association of Bureaux De change Operators of Nigeria, ABCON, requiring a survey of the approach measure.

As indicated by reports, CBN, after due examination, which uncovered that a large portion of them were either not consenting or bamboozling DBCs by offering at higher edge, aside from First Bank, which has been permitted to proceed with the business, had chosen to authorize them.

Reports additionally have it that the rebellious banks have been coordinated to surrender 25% of the dollars got through global cash exchange administrations to DBCs. This advancement is to clean up the held dollar position by resistant banks and make it accessible to all BDCs across the nation soon.