A statement signed by CBN Director of Corporate Communications, Mr Ugo Okoroafor, on Tuesday in Abuja.
It said that the move was sequel to the Bank’s withdrawal of the operating licence of 20 Bureaux de Change (BDCs).
The CBN alleged that the BDCs purchased and sold huge sums of U.S. dollars with no documentation to show details of the transactions.
Alade disclosed that the purchase and sale of the cash were not adequately documented by the BDCs.
Alade said that if the trend was not contained, it could pose grave threats to the value of the naira as well as the Nigerian economy which had gradually become dollarised.
She said the CBN Governor, Malam Sanusi Lamido Sanusi, and his team decided to take immediate action to safeguard the naira and ensure its stability in the face of the aforementioned challenges.
Meanwhile, the CBN has also announced that the Retail Dutch Auction System (RDAS) would take effect from Oct. 2.
“The re-introduction of the RDAS is expected to prevent round tripping of foreign exchange purchased at the CBN official window to unauthorised channels.
“Also, a circular has been issued mandating all deposit money banks to redeem all inward money transfers in naira to the recipients at the prevailing inter-bank foreign exchange rate.
“This is in line with best practice,’’ it said.
“The CBN also advised all BDCs to continue to comply with the conditions of their operating licences, including the proper rendition of returns with respect to the purchases and sales of foreign exchange.’’
The statement said that the apex bank had assured members of the public of its commitment to maintaining price stability and the preservation of the value of the naira in accordance with its mandate. (NAN)
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