{"id":83751,"date":"2021-09-18T09:30:07","date_gmt":"2021-09-18T08:30:07","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=83751"},"modified":"2021-09-18T09:30:07","modified_gmt":"2021-09-18T08:30:07","slug":"cbn-we-can-not-sell-fx-to-people-who-buy-arms-to-hurt-us","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/18\/cbn-we-can-not-sell-fx-to-people-who-buy-arms-to-hurt-us\/","title":{"rendered":"CBN: We can not sell FX to people who buy arms to hurt us"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has disclosed that the ban on sales of foreign exchange (forex) to Bureaux De Change (BDC) operators still stands.<\/p>\n<p>The apex bank further stated that the practice is used to carry out graft and corrupt tactics.<\/p>\n<p><span data-preserver-spaces=\"true\">Godwin Emefiele, CBN governor, announced this after the apex bank monetary policy committee (MPC) meeting in Abuja on Friday.<\/span><\/p>\n<p>Recall that the CBN<span data-preserver-spaces=\"true\"> had placed the ban in July 2021, explaining that BDC operators have become a conduit for illegal financial flows<\/span><span data-preserver-spaces=\"true\">\u00a0working with corrupt people to conduct money laundering in Nigeria.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Emefiele, at the MPC meeting, said the bank will go after illegal operators in the <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/03\/efcc-busts-forex-fraud-syndicate-in-kano\/\">forex<\/a> market, describing their activities as frustrating CBN\u2019s policy measures towards a stable naira.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He also said forex sold to BDCs sell the currency to criminals and terrorists to buy arms and ammunition which are used to hurt Nigerians.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cNobody ever mentions the rate of Bureau de Change in the city of London. It really beats my imagination that Nigeria carried on with this kind of practice that tended to support illegal activities of people who are involved in graft and corrupt practices,\u201d Emefiele said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe have supported the activities of those who illegally buy foreign exchange from this illegal market, carry them in aircraft out of the country and go to buy arms and ammunition and bring them into the country to commit crimes.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe, the Central Bank, take our country\u2019s dollars and sell to people to buy arms and ammunition to come and hurt us. That is what we are saying that people want us to do, we cannot do that any longer.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe only exchange rate market is the Investors and Exporters window, which is the market that we expect everybody that wants to buy or sell dollars should use.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cI am sorry to say, I do not recognise any other market. We\u2019ve asked ourselves at the CBN, why did we have to wait so long?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cCBN remained the only central bank in the world to dip its hands into our commonwealth and pack dollars to BDCs all in an effort to stabilise the exchange rate.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFor me, it\u2019s a wrong decision. It has stopped for good. The Bank of England, or U.S. Federal Reserves do not sell dollars to BDCs even though they exist.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The official exchange rate of a dollar to the naira closed at N412.88\/$1 on the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/fmdqgroup.com\/\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">investors and exporters (I&amp;E) window<\/span><\/strong><\/a><span data-preserver-spaces=\"true\">\u00a0on Friday, while on the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.ngnrates.com\/market\/exchange-rates\/us-dollar-to-naira\/black-market\/amp\" target=\"_blank\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">parallel (black) market<\/span><\/strong><\/a><span data-preserver-spaces=\"true\">\u00a0the exchange rate closed at N570\/$1.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has disclosed that the ban on sales of foreign exchange (forex) to Bureaux De Change (BDC) operators still stands. The apex bank further stated that the practice is used to carry out graft and corrupt tactics. Godwin Emefiele, CBN governor, announced this after the apex bank monetary policy committee [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":83478,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[18128,658,927,18127,3108],"class_list":["post-83751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bureaux-de-change","tag-cbn","tag-criminals","tag-fx","tag-godwin-emefiele"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBN: We can not sell FX to people who buy arms to hurt us<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/18\/cbn-we-can-not-sell-fx-to-people-who-buy-arms-to-hurt-us\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN: We can not sell FX to people who buy arms to hurt us\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has disclosed that the ban on sales of foreign exchange (forex) to Bureaux De Change (BDC) operators still stands. 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