The Central Bank of Nigeria (CBN) has issued a statement refuting recent rumors circulating regarding the resumption of weekly sales to Bureau De Change (BDC) operators. In response to these speculations, the CBN clarified that there have been no such interventions in the foreign exchange market and emphasized that the reports are entirely false.
Ali Sidi-Ali, Acting Director of Corporate Communications at the CBN, addressed the issue, stating that the rumors were aimed at inducing panic and instability in the forex market. Sidi-Ali emphasized that these false narratives contradict the recent efforts and policy directions of the CBN aimed at stabilizing the economy.
The CBN highlighted its ongoing efforts to implement revised Regulatory and Supervisory Guidelines for BDC operations, as outlined in the FPR/DIR/B/CIR/002/006 stakeholder document dated February 23, 2024. These guidelines are part of the continuous reforms in the Nigerian foreign exchange market aimed at enhancing regulatory oversight and promoting transparency.
The bank reassured the public of its commitment to safeguarding the stability of the economy and urged stakeholders to disregard any misinformation aimed at causing panic. Sidi-Ali underscored the importance of maintaining confidence in the financial system and cautioned against the dissemination of false reports that could disrupt economic activities.
CBN reiterated its stance against the propagation of fake news and emphasized its dedication to providing accurate information to the public. The bank affirmed its commitment to transparency and accountability in its operations and urged all stakeholders to verify information before reacting to avoid unnecessary disruptions in the financial market.
