Nigeria Lifts Ban On Foreign Currency Deposits

Commercial banks in nigeria are now free to resume collection of customers deposit in foreign currency, says Central Bank of Nigeria, CBN.

CBN Governor, Godwin Emefiele, announced the lifting of the 6 month old ban Monday in Abuja, saying the new directive takes immediate effect.

But Emefiele however said, Nigeria’s apex bank would henceforth stop its sales of foreign exchange to Bureau de Change (BDC) operators, charging them of greed and rent-seeking practices.

While asking the BDC operators to source their foreign exchange from autonomous sources, he said the CBN would closely monitor the sources of foreign exchange to ensure that no operator violated the country’s anti-money laundering laws.

“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,” he added.

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