.As Ndume tells FG to expose 400 BDC operators funding Boko Haram
CBN stops sale of forex to BDC operators
The Central Bank of Nigeria (CBN) has announced immediate discontinuation of sale of Foreign Exchange (forex) to Bureau de Change (BDC) operators in the country.
Mr Godwin Emefiele, the CBN Governor, made this announcement on Tuesday, while presenting a communique from the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja.
Emefiele said that the decision was informed by the unwholesome business practices of the BDCs, which he said had continued to put enormous pressure on the Naira.
He said, henceforth, the apex bank would sell forex to deserving Nigerians through the commercial banks.
” The BDCs were regulated to sell a maximum of $5000 per day, but CBN observed that they have since been flouting that regulation and selling millions of dollars per day.
“The CBN also observed that the BDCs aid illicit financial flows and other financial crimes. The bank has, thus, decided to discontinue the sale of forex to BDCs with immediate effect.
“We shall, henceforth, channel all forex allocation through the commercial banks,” he said.
He urged the commercial banks to ensure that every deserving customer got their forex demand, adding that any bank found circumventing the new system would be sanctioned.
“Once a customer presents all required documentation to purchase forex, the commercial banks should ensure they get the forex.
“Any customer that is denied should contact the CBN on 0700385526 or through the email- cbd@cbn.gov.ng ” he said.
Stakeholders have been calling on the CBN and its MPC to take urgent steps to halt unending depreciation of the Naira.
Recently, a past President of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, urged the MPC to focus on policy decisions that would curb rising inflation and stabilise the Naira.
CBN retains MPR at 11.5%, holds other parameters constant
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, retained the Monetary Policy Ratio at 11.5 per cent for the sixth consecutive time.
CBN Governor, Mr Godwin Emefiele, presenting a communique from the MPC meeting, said the committee, through unanimous vote by nine members present, also decided to hold all other parameters constant.
The Cash Reserve Ratio (CRR) was, therefore, retained at 27.5 per cent, Liquidity Ratio at 30 per cent and the Asymmetric Corridor at plus 100 and minus 700 basis points around the MPR.
Emefiele said the recent developments in both global and domestic economy called for “cautious optimism.”
He said the domestic economy grew at 0.51 per cent during the first quarter compared to 0.11 per cent during the preceeding quarter.
He added that the MPC would continue to support the Federal Government in its effort to revamp the productive sector to accelerate economic diversification.
“The committee remains overwhelmingly committed to supporting efforts of the Federal Government in ensuring full restoration of the productive capacity of the Nigerian economy,” he said.
Emefiele assured that food inflation would be largely reduced during the new harvest season.
He said the CBN would continue to commit resources to the agriculture sector towards the attainment of food security.
He said inspite of the adverse effect of the COVID-19 pandemic, the global economy was already on the path of growth and recovery.
The CBN Governor called for increased procurement of vaccines to check the spread of emerging, deadly strains of the virus.
“There is renewed domestic risk to this optimism associated with the fast spread of new and deadlier strains of COVID-19.
“The high rate of vaccination across the globe promises to drive headline immunity and reduce infection rate.
“In the domestic economy, the continued support by both the monetary and fiscal authorities is expected to yield favourable outcomes and, hopefully, restore the economy to a strong recovery path,” he said.
Another major decision by the MPC was the discontinuation of the sale of forex to Bureau de Change operators in the country.
Emefiele said the decision was informed by unwholesome practices by the operators, which he said had continued to mount undue pressure on the nation’s foreign reserves.
Expose 400 BDC operators funding Boko Haram, Ndume tells FG
The Chairman, Senate Committee on Army, Senator Ali Ndume, has called on the Federal Government to expose all the over 400 Bureau De Change operators recently arrested for allegedly funding the activities of Boko Haram insurgency in the country.
Ndume, who is representing Borno South Senatorial District in the National Assembly, made the call in an interview with journalists in Abuja on Sunday.
The Senator whose senatorial district is currently under the siege of the Boko Haram terrorists, also demanded an open trial of all the suspects.
The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, had last month, said the Nigerian Government had arrested some Bureau De Change operators who were facilitating the transfer of money to Boko Haram terrorists.
He had said some Nigerians transferring money to the sect from the United Arab Emirates were working with the BDC operators.
He had said, “Bureaus de change are facilitating money to terrorists. We have already worked with the UAE.
“Convictions have been achieved of Nigerians who are transferring money to Boko Haram terrorists and this also happens domestically.
“I tell you that by the time we finish this investigation, the shocking details will surprise many Nigerians,” Shehu had said.
There were revelations that scores of persons had been arrested by security agents in an ongoing nationwide crackdown on suspected financiers and collaborators of Boko Haram.
It was gathered that the arrested suspects were being kept in military and DSS facilities in Abuja and other places.
Ndume, maintained that Nigerians deserve to know what the government was doing concerning the suspects.
He said, “The Presidency said recently that Nigerians would be shocked if it revealed the identities of those who are sponsoring the Boko Haram insurgents.
“Can you imagine that 400 Bureau De Change operators are the people funding the Boko Haram?
“When the BDC operators are arrested now, what will the government do with them. The presidency is already saying their case is confidential. What is confidential about it?
“The presidency should expose the identities of all the BDC operators so far arrested and carry out their trial in public.
“If any of them is innocent, he should be allowed to go while those found guilty must be made to face the music.
“When I was wrongly accused, I was tried publicly and I was vindicated. The trial lasted six years in an open court. If there is any criminal act linked to anybody. No matter how highly placed, let the evidence be placed before the public, there should be no secret trial.
“Nowadays, criminals are arrested and paraded without further action. Nobody knows what happens to the people who killed 11 soldiers in Benue State recently?
“What happened to those who beheaded policemen in Cross River State?
“If everyone is doing what he is supposed to do as defined by our constitution and laws, we would not have these problems. Citizens should expose suspicious movements.”
On the travel advisory by the US government to its citizens planning to travel to Nigeria, Ndume said, there was no big deal about such warnings.
He said, “America has the right to advise its citizens on the issue of security just the same way I won’t advise anybody to travel anyhow within Nigeria.
“There is no big deal about the American travel advisory to its citizens wishing to come to Nigeria.
“The truth of the matter is that we are facing security challenges that is more intense than the situation before now especially with the new dimensions in addition to the existing ones.
“It is a matter of concern. I am of the view that security and welfare of the citizens should remain paramount.
“We need more personnel in the military and security forces with modern equipments to prosecute the war.
“All hands must be on deck. Citizens must provide useful information while the security agents should be adequately empowered with modern weapons to enable them to act fast whenever information are provided.
“I am scared and worried because I don’t have anywhere to run to. Right now I don’t have visa to any country.
“Nigeria is the only country that I have that is why I am so passionate about my country. I believe so much in this country that is why I don’t travel out for my holidays.
“I spend all my holidays traveling from one state to another with members of my family. That is why the current security situation is of great concern to me.”
