Reverse Ban On Dollar Sale To BDC Operators, Employees Beg New CBN Governor, Cardoso - The Source

ADVERTISEMENT
  • Landing Page
  • Shop
  • Contact
  • Buy JNews
  • Login
The Source
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
The Source
No Result
View All Result
Home News

Reverse Ban On Dollar Sale To BDC Operators, Employees Beg New CBN Governor, Cardoso

The Source by The Source
October 16, 2023
in News
0
CBN recovers N3.7trn, DisCos’ takeover: How CBN saved commercial banks CBN urges Nigerians
0
SHARES
143
VIEWS
Share on Facebookshare on whatsappShare on Twitter

Employees of Bureau de Change in Nigeria have appealed to the new management of the Central Bank of Nigeria, CBN under the leadership of Dr. Olayemi Michael Cardoso to reverse the suspension of foreign exchange, forex sale to Bureau de Change operators placed by the former CBN Governor, Mr. Godwin Emefiele on July 27, 2021.

The employees in a statement made available to Primetime Reporters on Sunday recalled that for over 26 months that the pronouncement was made, the BDCs had not generated any income or revenue to service their operation.

The statement noted that their technical exclusion of the BDCs was the major cause of instability of exchange rate and the wide margin between the I&E and Black/Parallel market rates.

It added that BDC operators had paid N500,000 each to renew their license with CBN for 2022 and 2023 yet were incapacitated as a result of the ban.

Noting that BDCs were prohibited from operating in the black or parallel market thus were not the ones trading on the streets, the statement said “BDCs office addresses are reflected in CBN website.”

It therefore appealed to the new CBN Governor, Dr. Olayemi Michael Cardoso to save the BDC employees from further hardship and resume Forex sale to BDCs.

It will be recalled that system the former Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, had on July 27, 2021 announced the immediate discontinuance of foreign currencies sale to Bureau de Change, BDC operators in Nigeria in a bid to achieve its mandate of safeguarding the value of the Naira, ensuring financial system stability and shoring up external reserves.

In addition, the CBN had also suspended the applications for and issuance of new licenses for BDC operations in the country effective July 29, 2021. These measures were announced during the press briefing at the end of the 280th Monetary Policy Committee, MPC meeting on July 28, 2021.

The former CBN Governor explained that the suspension of the sale of FX was consistent with the provisions of CBN Act 2007 (as amended), which grants the Bank the mandate to ensure the maintenance of the country’s foreign reserves as well as the stability of exchange rates.

Be the first to read it our next BREAKING NEWS, POLITICS, METRO. Click here to join our WhatsApp group

Tags: CBNDollarGovernor Cardoso
Previous Post

HuCaPAN Holds 12th Annual General Meeting as Olufemi Ogunlowo Reelected President

Next Post

Equity Not Domination grows Democracy and fuels development. Kogi State in my Mind – By Ralphs Okey Nwosu, National Chairman ADC

The Source

The Source

Related Posts

OSUN: Encomium as President Tinubu’s SSA Protocol, Issah Niniola Empowers Widows, Grades Roads, Doles Out Cash, Rams To Residents
News

OSUN: Encomium as President Tinubu’s SSA Protocol, Issah Niniola Empowers Widows, Grades Roads, Doles Out Cash, Rams To Residents

by The Source
June 7, 2025
One Year Of President Bola Ahmed Tinubu, How Far Nigeria? – Fadojoe
News

Fadojoe Sends Eid al-Adha Message of Hope and National Renewal to Nigerians

by The Source
June 6, 2025
Erinpa Chief Imam Urges Nigerians to Embrace Love, Unity on Eid al-Adha
News

Erinpa Chief Imam Urges Nigerians to Embrace Love, Unity on Eid al-Adha

by The Source
June 6, 2025
Eid-El-Kabir: Hon. Oluwole Oke Felicitates Ijesa North Muslim Community
News

Eid-El-Kabir: Hon. Oluwole Oke Felicitates Ijesa North Muslim Community

by The Source
June 6, 2025
Durojaye Felicitates Muslims on Eid-el-Kabir
News

Durojaye Felicitates Muslims on Eid-el-Kabir

by The Source
June 6, 2025
Next Post
Equity Not Domination grows Democracy and fuels development. Kogi State in my Mind – By Ralphs Okey Nwosu, National Chairman ADC

Equity Not Domination grows Democracy and fuels development. Kogi State in my Mind – By Ralphs Okey Nwosu, National Chairman ADC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tags

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Categories

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tag

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Recent Posts

  • OSUN: Encomium as President Tinubu’s SSA Protocol, Issah Niniola Empowers Widows, Grades Roads, Doles Out Cash, Rams To Residents
  • Fadojoe Sends Eid al-Adha Message of Hope and National Renewal to Nigerians
  • Erinpa Chief Imam Urges Nigerians to Embrace Love, Unity on Eid al-Adha

© 2022 The Source Nigeria.

No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament

© 2022 The Source Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In