The Central Bank of Nigeria (CBN) has suspended 437 Bureau De Change (BDC) operators from accessing its weekly dollars sales from the foreign exchange (forex) market,
It was gathered on Saturday, June 13, that the BDC operators have been denied access to the $30,000 weekly allocations to operators, and slammed with a N2 million fine each for non-rendition of their monthly returns to the apex bank.
It was learnt that the operators defaulted in providing detailed reports on how previous dollars sourced from the CBN were utilized.
According to reliable sources privy to the move, the level of abuse was so massive that the apex bank decided to impose sanctions to serve as deterrent to others.
Sources said: “Given that the BDCs were long viewed as a potential source of forex leakage in the system, these measures should boost confidence in the sustainability of the forex band.”
CBN Director of Communications, Ibrahim Mu’azu, is yet to comment on the development.
