Forex sales: CBN to step up monitoring of commercial banks
The Monetary Policy Committee has called on the Central Bank of Nigeria to intensify surveillance over foreign exchange sales and
The Monetary Policy Committee has called on the Central Bank of Nigeria to intensify surveillance over foreign exchange sales and utilisation by commercial banks and customers.
The MPC made the call on Friday at the end of its two-day meeting, according to a communique.
On the management of the exchange rate, the committee applauded the CBN for improving forex supply in the economy to meet legitimate business and consumer demand.
The communique said, “Members thus urged the bank to take further steps to restrict the activities of unauthorised and illegal dealers in the foreign exchange market, stating that all foreign exchange transactions must be conducted at the I&E window to ensure transparency and stability.
“The committee, thus, called on the bank to intensify surveillance over foreign exchange sales and utilisation by commercial banks and customers, to ensure that operators adhere to stipulated guidelines set by the CBN.”
It said the CBN maintained its resolve to continue to restructure the forex market, adding that it would pursue all recent policies targeted at sanitising the market to improve transparency and proper functioning to eliminate illegal foreign exchange dealers in the economy.
The CBN had on July 27 announced the stoppage of forex sale to the Bureau de Change operators, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”.
The apex bank said it would channel a significant portion of its weekly allocation meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.
