Central Bank Of Nigeria Clips Bureau de Change Operators Wings

Central Bank Of Nigeria Clips Bureau de Change Operators Wings

Author: Africa Business Radio August 2, 2021 Duration: 21:10
News Express
Business
The wings of Bureau de Change operators in Nigeria may have been clipped by the Central Bank of Nigeria with the swift decision last Tuesday to halt the sale of foreign exchange to that segment of the market in an effort to curb the menace of roundtripping, including the facilitation of illicit money flows, profiteering and bleeding of the country’s FX resources.
However, as some economic and financial analysts have termed the move as a step in the direction towards the unification of Nigeria’s multiple exchange rates, others have begun sounding to the hearing of all stakeholders about the looming devaluation and dollar scarcity ahead in the short to medium term.

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