The Central Bank of Nigeria (CBN) has stated that it would not supply foreign exchange (FX) to BDCs in the nation.

CBN Governor Godwin Emefiele, who made the announcement at the conclusion of the Monetary Policy Committee meeting in Abuja on Tuesday, accused the operators of dollarizing the economy.

He also charged the operators with assisting in money laundering and illicit financial inflows.

He stated, “They have turned their backs on their goals.”

“They have evolved into agents that aid in the facilitation of fraud and corruption in the country.

“We can’t keep doing things the way we’re doing them in the BDC market.”

He stated that the CBN will redirect weekly dollar sales to commercial banks in order to fulfill Nigerians’ genuine currency requests.

The bank warned that banks that enable illicit currency traders to use their platforms will be dealt with mercilessly, vowing to expose defaulting multinational organizations to their authorities.

He stated, “We will deal with them mercilessly and denounce them to international agencies.”

The restriction, according to one analyst, would reduce dollar availability in the nation since “getting FX through BDCs is simpler than banks.” As a result, strengthening it by moving it to the banks could help reduce fraud, but it would make access more difficult. I’m hoping the CBN will take care of it.”