CBN lifts ban on Cash Deposit of dollars

The Central Bank of Nigeria has finally lifted the ban stopping commercial banks from accepting cash deposits of foreign exchange from customers.

This announcement was made by the CBN governor, Godwin Emefiele, in Abuja on Monday, January 11, saying that the new directive takes immediate effect.

He added that the CBN discontinue its sales of foreign exchange to Bureau de Change (BDC) operators.

Emefiele accused the BDCs of excessive greed and rent-seeking practices, Premium Times reports.

He stressed further that  BDC operators will now have to source for their foreign exchange from autonomous sources.

Emefiele disclosed measure will be put in place so that no operator violate the country’s anti-money laundering laws, stating the CBN would deploy more resources to monitor closely the sources of foreign exchange by the BDCs.

He said: “These measures are not intended to be punitive on anyone or any group,” the CBN governor explained

“Rather it is meant to ensure that the CBN is better able to carry out its mandate in an effective and efficient manner, to guarantee the preservation of our scarce commonwealth, and that our hard-earned financial system stability remain intact to the benefit of all Nigerians.”

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