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Central Bank of Nigeria Moves to Sanction Bad Actors Trying to Devalue Naira at Various Markets; a Call for Cryptocurrency Exchange Operators.

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Last updated on March 30th, 2020 at 01:11 pm

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The Central Bank of Nigeria (CBN) moves to arrest Bureau De Change (BDC) operators over various  violations in the foreign exchange market. Over 100 BDC operators were fined N5 million each for various violations in the foreign exchange market.

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe confirmed this during his conversation with the newsmen after a meeting with the apex bank. 

See Also: Nigeria Security Exchange Commission Calls For an Emergency Meeting to Maintain the Naira Value at Various Markets Including the Crypto Market.

He said that the Central Bank of Nigeria was ready to revoke the license of some BDC operators over various offences including the sell of naira at 400 naira per $1 before concluding to fine them N5 million each. 

Moreover, many cryptocurrency exchange platform is offering the sale of Nigeria Naira at a high price to dollar which is against the rules set up by the Central Bank of Nigeria. 

‘The movement was a result of recklessness on the side of the operators when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”

Meanwhile, CBN had expressed dissatification at the speculative activities of some bad players in the foreign exchange market including the crypto foreign exchange market. 

CBN affirms that its committed to maintaining the value of Nigeria at various markets and is ever ready to sanction any actor or trading house around trying to devalue the Nigeria Naira.

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