This was revealed by the CBN Governor, Godwin Emefiele on
Tuesday after a two-day Monetary Policy Committee meeting in Abuja.
The MPC also retained the Monetary Policy Rate at 11.5
per cent at the end of the meeting.
It also retained the Cash Reserve Ratio and Liquidity
Ratio at 27.5 per cent and 30 per cent respectively.
Emefiele while announcing the committee’s decision stated
that “The MPC made the decision to hold all parameters constant. The committee
thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.”
“In summary, MPC voted as follows, one, retain MPR at
11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around
the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30
per cent.” He said.
Reacting to the decision to stop forex sales to the BDCs,
he said, the MPC observed with disappointment and great concerns that the BDCs
had overcome their purpose of existence to provide forex to retail user, but
instead, they had become wholesale and illegal dealers.
He further observed that the BDCs had continued to make
huge profits while Nigerians suffered in pain.
He said the commercial banks would be monitored to
provide forex for the legitimate use of Nigerians.
“The Central Bank will henceforth discontinue the sale of
forex to Bureau de Change operators,” Emefiele said.
0 Comments