Sunday, 14 October 2012

Forex Sales to Bureau de Change to Stop – Sanusi

The Central Bank of Nigeria has indicated that it would soon stop selling foreign exchange to Bureau de Change operators in the country, stating that the informal market was primarily used as a conduit for politicians and others who specialize in money laundering.

The statements were credited to the Governor of the CBN, Mallam Lamido Sanusi who is part of a team of senior government officials visiting Tokyo to showcase Nigeria’s investment opportunities to investors in that region.
He said, “Seventy per cent of the dollars that people buy from bureau de change are not for transactions outside Nigeria, they move dollars from one part of the country to the other, in fact, from one part of Abuja to another part.
“In a briefcase, you can carry 100,000 dollars, that’s N50m.”
Sanusi also said, “We are coming up with policies; we are going to stop selling cash to BDC and credit their accounts.
“If you want to pay for medical bills abroad, you give hospital account; if you want to pay school fees, do transfer like everybody else; if you want to travel. do travelers cheques or get money on your card.’’
The Central Bank Governor said another reason the sales would stop was because the Dollar was becoming Nigeria’s second currency which was a source of concern to President Jonathan and his administration.

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