MPC Meeting: CBN endorses DSS raid on parallel market
The Central Bank of Nigeria on Tuesday endorsed the crackdown on parallel market traders by the officials of the Department of State Services across the country.
The CBN Governor, Mr. Godwin Emefiele, disclosed this while addressing newsmen at the end of its Monetary Policy Committee meeting in Abuja.
Emefiele said the foreign exchange regulation in the country forbids trafficking in currency.
He said that the DSS had the rights to enforce the law and make sure that currency hawkers were forced out of the “illegal trade.’’
The governor, who noted that it was demeaning for traders to hawk currency on the streets, urged the traders to legitimise their business by applying for Bureau De Change licence.
Officials of the DSS had raided the parallel markets in Lagos, Abuja and Onitsha over alleged arbitrary sale of Forex.
The raid, which worsened dollar scarcity, had 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 at 14 per cent, Cash Reserve Ratio 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.