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Friday, September 17, 2021

CBN retains interest rate @11.5%, insists 'no going back on BDC ban' - ITREALMS

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The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), which has been on the interest rate of 11.5 per cent, reports 
ITREALMS.
The Monetary Policy Committee (MPC) of CBN via the Governor, revealed this to newsmen on Friday in Abuja.
According to the Governor of CBN, Mr. Godwin Emefiele, said the committee applauded the fifth decrease in inflation in the month of August 2021.

Emefiele also said MPC commended the banks on meeting forex demands and that all forex must be conducted at the Importer and Exporter (I&E) window to ensure stability.

He pointed out that operators must adhere strictly to stipulated guidelines as the apex bank work towards elimination of illegal foreign exchange dealers in the country also known as bureau de change.

Insisting that CBN will not reverse its decision to ban the sales of foreign exchange to Bureaux De Change (BDCs) operators, despite the move experts claimed pushed the Naira into an unprecedented downward slope.

ITREALMS gathered that Naira on Friday exchanged at N570 against the dollar, from about N520 it sold two weeks ago at the parallel market.

The fall at the black market followed the stoppage of forex sales to registered money changers who the CBN has accused of fraud and round-tripping.

“The only exchange rate market is the Investors and Exporters window, which is the market that we expect everybody that wants to buy or sell dollars should use,” Emefiele had declared.

Lamenting he said, “I am sorry to say: I do not recognise any other market. We’ve asked ourselves at the CBN, why did we have to wait so long?

“CBN remained the only central bank in the world to dip its hands into our commonwealth mad pack dollars to BDCs all in an effort to stabilise the exchange rate.

“For me, it’s a wrong decision. It has stopped for good. The Bank of England, or U.S. Federal Reserves do not sell dollars to BDCs even though they exist. It beats my imagination that tended to support illegality of people who are involved in graft and corruption,” he accused BDC operators.

Emefiele reiterated that banks in the country have instructions to meet every legitimate demand for foreign exchange, and that the CBN will be ready to support even requests that are above the allowed limit, provided they are legitimate.

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