Two months ago, the CBN had directed banks to sell proceeds of their international money transfer services to BDCs. This was in a bid to address the steady and sharp depreciation of the naira in the parallel market. Vanguard investigation however revealed that most of the banks were not complying with this directive, preferring to do brisk business with the proceeds.
This generated several complains from the BDCs, with the Association of Bureaux De change Operators of Nigeria (ABCON) calling for a review of the policy measure. Vanguard reliably gathered that the CBN decided to sanction the banks following investigation which revealed
No comments:
Post a Comment