RECESSION: DSS will continue to arrest Bureau de change operators – Emefiele

– Central Bank of Nigeria (CBN) has asked the Department of State Services (SSS)to continue the crackdown on parallel market forex traders across Nigeria

– The CBN governor, Godwin Emefiele said the foreign exchange regulation in the country forbids trafficking in currency

Nigeria’s apex bank, Central Bank of Nigeria (CBN) has asked the Department of State Services (SSS)to continue the crackdown on parallel market forex traders across Nigeria.

Recall that the DSS had arrested Bureau de change operators in Lagos, Abuja and Kano in the past two weeks.

According to a report by News Agency of Nigeria (NAN), the CBN governor, Godwin Emefiele said the foreign exchange regulation in the country forbids trafficking in currency.

He said that the SSS had the right to enforce the law and make sure that currency hawkers were forced out of the “illegal trade.’’

The governor, who said it was demeaning for traders to hawk currency on the streets, urged the traders to legitimise their business by applying for Bureau De Change (BDC) licence.

Officials of the SSS raided the parallel markets in Lagos, Abuja and Onitsha last week over alleged arbitrary sale of forex.

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The raid, which worsened dollar scarcity at its wake, forced the naira to settle at N465 to a dollar.

Earlier, members of the MPC unanimously voted in favour of retaining the Monetary Policy Ratio (MPR) at 14 per cent, Cash Reserve Ratio (CRR) at 22.5 percent and the liquidity ratio at 30 per cent.

The governor said that the members of the committee took the decision after a critical assessment of the risks to the economy.

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