CBN Speaks On Converting Bank Customers’ Foreign Currency Into Naira

The Central Bank of Nigeria has refuted the report that CBN is planning to change the foreign exchange currencies in domiciliary accounts of bank customers into naira.

Brandnewsday gathers that this was made known by Acting Director of Corporate Communications, Osita Nwanisobi, who faulted those behind spreading the report, describing them as ‘criminal elements’ looking to create panic in the foreign exchange market.

Nwanisobi, who assured the bank customers that the apex bank will maintain the legitimate FX demands of customers are met by Nigerian banks, also appealed to Foreign exchange operators to go about their business without hurdles.

According to ThisDay, he said this day after the CBN Governor, Mr Godwin Emefiele, announced that deposit money banks will henceforth be in charge of the sale of foreign exchange to Bureaux De Change and other customers.

Addressing journalists at the end of a two-day deliberation by the Monetary Policy Committee, Emefiele stated that BDCs disregarded the CBN policies put in place to safeguard the value of the naira.

CBN Speaks On Converting Bank Customers’ Foreign Currency Into Naira

The Acting Director revealed that ”In particular, we have noted with disappointment and great concern that our BDC operators have abandoned the original objectives of their establishment which was to serve retail end users who need $5,000 or less.

“Instead, they have become wholesale dealers dealing in forex to the tune of millions of dollars per transaction, despite the fact that Nigeria is the only country in the world today where a central bank sells dollar directly to BDC operators.”

Nwanisobi further said, ”Whereas the bank has an understanding with BDC operators that they make small margins from the US dollar allocated to them, they have reneged and become somewhat greedy, recalcitrant with abnormal high profits while ordinary Nigerians have been left to feel the pain and therefore suffer.”