Monday 11 January 2016

Central bank halts dollar sales to bureaux de change - News24

Nigeria's central bank on Monday announced it was stopping the direct sale of US dollars to bureaux de change to protect the under-pressure naira and conserve depleted foreign reserves.

The Central Bank of Nigeria will now "discontinue its sales of foreign exchange to BDCs (bureaux de change)", governor Godwin Emefiele said in a speech in Abuja.

"Operators in this segment of the market would now need to source their foreign exchange from (an) autonomous source."

He added: "Commercial banks will now be allowed to accept cash deposits of foreign exchange from their customers."

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