CBN Mandates BDCs To Sell US Dollars At N1,314.01/US$

foreign exchange market, providing a more transparent and equitable platform for the trading of the Naira.

Meanwhile, in an effort to curb naira depreciation against the dollar, the federal government last week, among several other measures, blocked the online platforms of Binance and other crypto firms to avert continuous manipulation of the forex market and halt illicit movement of funds.

Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken, among others, were equally blocked.

Earlier on Tuesday, the office of the National Security Adviser directed law enforcement agencies to take firm measures against anyone engaged in foreign exchange market speculation.

The government also announced that it was planning to raise $10 billion to improve liquidity in the foreign exchange market.

In an aggressive push to tackle currency racketeering, the Economic and Financial Crimes Commission (EFCC) last Monday raided and arrested some Bureau de Change (BDCs) operators across different regions in the country.

Within the past week, the CBN has also introduced several directives targeted at addressing the naira depreciation crisis in the country.

Last Wednesday, the CBN in a circular addressed to all banks, announced that cash payment for Personal and Business Travel allowances (PTA/BTA) would no longer be allowed.

Source:- Tribuneonline

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