The Central Bank of Nigeria (CBN) says it has ended the sales of forex to Bureau De Change operators, with weekly sales of foreign exchange to henceforth go directly to commercial banks.

CBN Governor, GODWIN EMEFIELE, made the announcement while briefing reporters on the outcomes of the Monetary Policy Committee (MPC) meeting in Abuja, the Federal Capital Territory (FCT).

The CBN governor,  after the Monetary Policy Committee two-day meeting, said the ban was necessary because the parallel market has become a channel for illegal forex flows and graft.

The CBN governor, GODWIN EMEFIELE also said the apex bank will no longer process applications for Bureau De Change licenses in the country.

GODWIN EMEFIELE added that international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.