The Central Bank of Nigeria (CBN) has suspended
all the banks, with the exception of First Bank, from selling dollar proceeds
of International Money Transfer Services, (IMTS) to Bureau De Change, BDCs till
further notice. The suspension came as a result of none compliance to the
directive CBN had given to banks two months ago to sell proceeds of their
international money transfer services to BDCs.
This was in a bid to address the steady and continuous depreciation of the naira in the parallel market of which they ignored, preferring to do brisk business with the proceeds. This, however generated several complaints from the BDCs, with the Association of Bureaux De change Operators of Nigeria, ABCON, calling for a review of the policy measure.
According to reports, CBN, after due
investigation, which revealed that most of them were either not complying or
short-changing DBCs by selling at higher margin, except First Bank, which has
been allowed to continue with the business, had decided to sanction them.This was in a bid to address the steady and continuous depreciation of the naira in the parallel market of which they ignored, preferring to do brisk business with the proceeds. This, however generated several complaints from the BDCs, with the Association of Bureaux De change Operators of Nigeria, ABCON, calling for a review of the policy measure.
Reports also have it that the non-compliant banks have been directed to give up 25% of the dollars received through international money transfer services to DBCs. This development is to help mop-up the held dollar position by non-compliant banks and make it available to all BDCs nationwide soon.
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