CBN Lifts Ban on Cash Deposit of Foreign Currencies

The Central Bank of Nigeria (CBN) has lifted a ban stopping commercial banks from accepting cash deposits of foreign exchange from customers.

The CBN governor, Godwin Emefiele, who announced the decision in Abuja on Monday, said the new directive took immediate effect.


Mr. Emefiele said the CBN would henceforth equally discontinue its sales of foreign exchange to Bureau de Change (BDC) operators, accusing them of excessive greed and rent-seeking practices.

The CBN governor explained that the BDC operators would now need to source their foreign exchange from autonomous sources.

"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," he added.

Nigeria has been hit by foreign exchange crisis amid falling oil prices.