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Forex Sales to Bureau de Change to Stop – Sanusi

By on October 15, 2012

Dollars

The Central Bank of Nigeria has indicated that it would soon stop selling foreign exchange to Bureau de Change operators in the country, stating that the informal market was primarily used as a conduit for politicians and others who specialize in money laundering.

The statements were credited to the Governor of the CBN, Mallam Lamido Sanusi who is part of a team of senior government officials visiting Tokyo to showcase Nigeria’s investment opportunities to investors in that region.

He said, “Seventy per cent of the dollars that people buy from bureau de change are not for transactions outside Nigeria, they move dollars from one part of the country to the other, in fact, from one part of Abuja to another part.

“In a briefcase, you can carry 100,000 dollars, that’s N50m.”

Sanusi also said, “We are coming up with policies; we are going to stop selling cash to BDC and credit their accounts.

“If you want to pay for medical bills abroad, you give hospital account; if you want to pay school fees, do transfer like everybody else; if you want to travel. do travelers cheques or get money on your card.’’

The Central Bank Governor said another reason the sales would stop was because the Dollar was becoming Nigeria’s second currency which was a source of concern to President Jonathan and his administration.

One Comment

  1. Hamza

    October 15, 2012 at 9:37 am

    I think thats not a good idea,interbank is the main souce of money loudering,almost 80%of dollars sell to bdc directly from the cbn are used in nigeria,cos there is maximum limit sold to bdc every week,but from the bank there is no limit to be sold to the bdc,with one account you can purchase as how much you want,