CBN endorses SSS raid on currency traders

SSS Nigeria

The Central Bank of Nigeria (CBN) on Tuesday endorsed the crackdown on parallel market forex traders by the officials of the Department of State Services (SSS) across the country.

The CBN Governor, Godwin Emefiele, disclosed this while addressing journalists at the end of its Monetary Policy Committee (MPC) meeting in Abuja.

According to Mr. Emefiele, the foreign exchange regulation in the country forbids trafficking in currency.

He said that the SSS had the right to enforce the law and make sure that currency hawkers were forced out of the “illegal trade.’’

The governor, who said it was demeaning for traders to hawk currency on the streets, urged the traders to legitimise their business by applying for Bureau De Change (BDC) licence.

Officials of the SSS raided the parallel markets in Lagos, Abuja and Onitsha last week over alleged arbitrary sale of forex.

The raid, which worsened dollar scarcity at its wake, forced the naira to settle at N465 to a dollar.

Earlier, members of the MPC unanimously voted in favour of retaining the Monetary Policy Ratio (MPR) at 14 per cent, Cash Reserve Ratio (CRR) at 22.5 percent and the liquidity ratio at 30 per cent.

The governor said that the members of the committee took the decision after a critical assessment of the risks to the economy.

(NAN)


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD:Dr Dan,Suggest 5 Ways to Satisfy Your system and Last up 25Min In Bed When Having Sex, Click Here...


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.