CBN Lifts Ban On Cash Deposit Of Dollars

The Central Bank of Nigeria, CBN governor, Godwin Emefiele, has announced that the CBN has lifted a ban stopping commercial banks from accepting cash deposits of foreign exchange from customers. He said the CBN would henceforth equally discontinue its sales of foreign exchange to Bureau de Change (BDC) operators, accusing them of excessive greed and rent-seeking practices.

He said the BDC operators would now need to source their foreign exchange from autonomous sources. . He added that to ensurethat no operator violated the country’s anti-money laundering laws, the CBN would deploy more resources to closely monitor the sources of foreign exchange by the BDCs.