The Central Bank of
Instead, the CBN Governor, Mr.
He said the CBN's expectation was to have in place BDC that is well-capitalised, properly structured and can effectively perform the roles of BDC in the Nigerian economy.
Emefiele explained these during an interactive session with the
According to him, a recent cross-country survey of BDC conducted by the CBN showed that 93 per cent of the BDC flouted the guidelines, as majority of them had no good accounting records, while many lacked adequate sales document and audit trail.
He said: "It is alarming to note that between January and March alone, a whopping sum of
"We noticed that most of the letters of credit for importations are on sugar, tooth pick, fish, tomatoes paste, rice and other things we can easily produce in the country.
The CBN governor further added that: "We want Nigerians and others to use our foreign exchange for legitimate transactions, it is only in
He indicated that considering the need to curb the abuse of forex in the country, the CBN would soon propose to the
Earlier, Chairman of the
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