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In major policy shift, CBN cancels N2 3 trillion forex sales to BDCs

Economists and financial experts interviewed by Daily Trust expressed mixed feelings about the new policy and its immediate and long term implications. They predicted a shock that will further shot up the dollar rates at the parallel market, which will stabilise in the long run. They also blamed the CBN for the downside of the expunged practice. Emefiele also said the CBN will no longer continue registration of new BDCs as subsequent forex will be channelled through commercial banks. The CBN governor said as part of the new forex sales policy, all commercial bank branches will create a separate desk for the purpose.

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