CBN Governor Softens Conditions For Foreign Exchange Demands

Governor of the Central bank of Nigeria (CBN), Godwin Emefiele has stated that the apex bank will consider accepting foreign exchange for customers with legitimate demand that exceeds transaction limit as long as such applications meet stipulated requirements.

Emefiele made this known during a chat with newsmen over the weekend. He stated that the apex bank was ready to approve requests from commercial banks to go beyond the caps if it is proven that the extra demand for forex is for legitimate purposes.

“Indeed, I want to put it on record; if the amount you want is even above the limit that is recognised and we find that the reason you are making those demands is legitimate, your bank will speak to us and we will give you more than what is even the limit.”

The new development is expected to monitor the allocation of dollars to Bureau De Change (BDC) operators who are believed to sell to criminals and terrorists who buy weapons that are used to hurt Nigerians.

Recall that the CBN had moved against AbokiFX, a website that provides currency exchange information, saying it will shut down its operations over its posting of exchange rates and in July 2021, announced the stoppage of dollar allocation to BDC operators, explaining that they have become a conduit for illegal financial flows working with corrupt people to conduct money laundering in Nigeria.

Emefiele further insisted that anyone seeking to procure or sell foreign exchange should see the Investors and Exporters (I&E) Window as the major market to patronize and customers to visit their banks for their FX needs.

 “The only exchange rate that I recognise today in the Nigerian foreign exchange market which is the dominant market remains the Investors and Exporters (I&E) window.”

“I am sorry to say that I do not and I do not intend to recognise that there are any other rates in the market.’’