… May roll out new rules on BDCs
Central Bank of Nigeria (CBN) yesterday condemned the arbitrary use of the dollar as against the naira in the country by the politicians, saying that its new policies would be issued soon to curtail this arbitrage.
Speaking Tuesday at the end of the Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor, Mallam Sanusi Lamido Sanusi, said that the committee was satisfied with actions taken at the last MPC, and therefore, decided to hold the Monetary Policy Rate (MPR) at 12 per cent. Whereas Cash Reserve Requirement (CRR) on public sector funds was retained at 50 per cent, CRR on private sector deposits was also retained at 12 per cent.
According to him, the situation where the dollar is now a pilot currency and Nigeria now the biggest importer of US dollar, is unacceptable and CBN has no choice than to deal with it.
“We have to stop this situation where the dollar has become the pilot currency and Nigeria has become the biggest importer of US dollar cash in the world. In the next few weeks you will see a series of policies from our side and I know that there will be a lot of resistance. But again, what is new?” he asked.
Again, he said that CBN would reduce the amount of dollar cash going through the Bureau d’Changes with a view to checking arbitrage.
Source: Sun
