{"id":50817,"date":"2021-07-27T16:43:14","date_gmt":"2021-07-27T15:43:14","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=50817"},"modified":"2021-07-27T16:43:14","modified_gmt":"2021-07-27T15:43:14","slug":"cbn-bans-sale-of-forex-to-bureau-de-changes-says-they-have-turned-into-money-laundering-agents","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-bans-sale-of-forex-to-bureau-de-changes-says-they-have-turned-into-money-laundering-agents\/","title":{"rendered":"CBN Bans Sale Of Forex To Bureau De Changes, Says They Have Turned Into &#8216;Money Laundering Agents\u2019"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has banned the sale of foreign exchange (FX) to Bureau De Change (BDCs) operators in the country.<\/p>\n<div>\n<p>The CBN governor, Godwin Emefiele, announced this at the end of the<a href=\"https:\/\/www.thecable.ng\/breaking-cbn-retains-benchmark-interest-rate-at-11-5\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0<\/a>monetary policy committee meeting in Abuja on Tuesday July 27. According to Emefiele, the apex bank receives about 5,000 applications every month for BDC registration and that these BDCs have become a conduit for illegal financial flows working with corrupt people to conduct money laundering in the country.<\/p>\n<\/div>\n<div>\n<p>\u201cThey have turned themselves away from their objectives. They are now agents that facilitate graft and corruption in the country. We cannot continue with the bad practices that are happening at the BDC market.\u201dhe said<\/p>\n<\/div>\n<div>\n<p>Emefiele added that there is evidence of prevailing ownership of several BDCs by the same promoters to procure multiple FX from the central bank.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<\/div>\n<div>\n<p>\u201cSeveral international organizations, embassies patronize BDC through illegal forex dealers to fund their institutions. We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organizations patronizing them.\u201dhe said<\/p>\n<\/div>\n<div>\n<p>Emefiele announced that the CBN will henceforth channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands and that\u00a0banks will now be able\u00a0to sell forex to every customer.<\/p>\n<\/div>\n<div class=\"meta\"><\/div>\n<\/p><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has banned the sale of\u00a0foreign exchange (FX) to Bureau De Change (BDCs) operators in the country.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":28725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[7001,36],"coauthors":[2391],"class_list":["post-50817","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-bureau-de-change","tag-cbn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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