Persisted Foreign Exchange Crisis: CBN Finally Lifts Ban On Dollars Deposit

In order to stem the tide of growing foreign exchange crisis, the Central Bank of Nigeria has finally lifted the ban stopping commercial banks from accepting cash deposits of foreign exchange from customers.


This announcement was made by the CBN governor, Godwin Emefiele, in Abuja on Monday, January 11, saying that the new directive takes immediate effect.

He added that the CBN discontinue its sales of foreign exchange to Bureau de Change (BDC) operators.

The CBN governor accused the BDCs of excessive greed and rent-seeking practices, Premium Times reports.

He stressed further that  BDC operators will now have to source for their foreign exchange from autonomous sources.

Emefiele disclosed measure will be put in place so that no operator violate the country’s anti-money laundering laws, stating the CBN would deploy more resources to monitor closely the sources of foreign exchange by the BDCs.

He said: “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.”

Meanwhile,the fiery preacher and general overseer of The Latter Rain Assembly, Lagos, Pastor Tunde Bakare, had released his state of the nation address tagged ”Roadmap to successful change”.

Bakare, who was the running mate to President Muhammadu Buhari in the 2011 presidential elections under the banner of the Congress for Progressive Change , called for the prosecution of the CBN governor, Emiefiele, because of the role of the apex bank in the widely publicised ongoing arms probe deal.