The Central Bank of Nigeria (CBN) has announced FirstBank Limited, as the sole authorized dealer for foreign exchange proceeds to licenced Bureau de Change (BDC) operators in Nigeria.
A CBN circular to the banks showed that only First Bank of Nigeria, one of the most capitalised banks in the industry, was exempted from the apex bank’s recent sanction.
This is just as the bank promised sale of foreign exchange (FX) in a seamless manner for ease of distribution to end users.
The announcement is coming on the heels of the bank’s strengthened money transfer services as well as its strict compliance to CBN’s rules and directives on the sale of foreign exchange.
The bank had consistently sold dollars to over 500 BDCs as directed by the CBN to improve dollar liquidity and strengthen the Naira in line with the new flexible foreign exchange policy.
The CBN’s pronouncement, according to FirstBank sources, is a testament to the bank’s strong financial base and its avowed support to the growth and development of a sustainable national economy.
In a recent statement, Patrick Iyamabo, the bank’s Chief Financial Officer noted that the bank will continue to strive to maintain its position as the safest and most respected banking franchise in the country.
“We would continue to leverage our unique ability to grow and capitalize the institution – a testament to our solid track record. Our highest priority remains meeting the financing and banking needs of our customers, by providing world class services, knowledge and expertise to support them, even in very difficult times” he stated, adding, “the Bank remains committed to corporate governance principles and would continue to ensure that dollars sales to the BDCs continue in a seamless manner for ease of distribution to the end users.”