BDC Forex Ban: We’ve Capacity To Meet Nigerians’ Demands – Banks

Commercial Banks in Nigeria have said they have the ability and capacity to provide foreign exchange for Nigerians and meet their demands.

The banks made this known at an emergency meeting of their Chief Executive Officers on Thursday following the ban on sales of forex to Bureau de Change (BDC) operators by the Central Bank of Nigeria (CBN).

The CBN had on Tuesday announced that it would no longer sell forex to BDC operators due to price manipulation and corruption, and asked Nigerians who want to buy forex to go to banks.

According to the CEOs at the meeting, which was held virtually, the banks would make forex available to customers in accordance with the CBN’s directives.

“The banking industry as a whole was willing and ready to carry out this function. The banks have very strict compliance measures, in terms of verification and making sure that people who do apply are eligible.

“All Nigerian banks will be able to meet these requirements. If you look at all the branches nationwide, you will know that the banks have more than enough capacity to do this,” Herbert Wigwe, Group Managing Director/Chief Executive Officer, Access Bank Plc, said.

Also speaking, Segun Agbaje, the Group Chief Executive Officer, Guaranty Trust Holding Company Plc, said: “It is not only the CBN that has the ability to fund the market; the banks also have the resources to meet the demand, and we have agreed collectively that it will start immediately.”