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.
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.
The directive is coming on the heels of several complaints from the Bureau De Change with the Association of Bureaux De change Operators of Nigeria, ABCON, who have been calling for a review of the policy measure.
The apex bank, after investigations observed that while most banks in the country were not following the order others were short-changing DBCs by selling the dollar at higher margin, except First Bank, had decided to suspend them.
The suspended banks have also been directed to give up 25% of the dollars received through international money transfer services to bureau de change.
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