CBN Releases Fresh Guidelines For Forex Sale By BDCs

The Central Bank of Nigeria (CBN) on Friday released fresh guidelines for the sale of forex by Bureau De Change (BDCs) operators in Nigeria.

The decision was reached by the apex bank twenty-five months after the suspended governor of CBN, Godwin Emefiele announced the discontinuance of foreign exchange sales to that segment of the forex market.

CBN in a statement released on its website on Friday wrote, “The spread on buying and selling by BDC Operators shall be within an allowable limit of -2.5% to +2.5% of the Nigerian Foreign Exchange market window weighted average rate of the previous day.

“Mandatory rendition by BDC Operators of the statutory periodic reports (daily, weekly, monthly, quarterly and yearly) on the Financial Institution Forex Rendition System (FIFX) which has been upgraded to meet individual Operator’s requirements.

“Operators are to note that with effect from the date of this circular, non-rendition of returns would attract sanctions which may include withdrawal of operating license. Where Operators do not have any transactions within the period, they are- expected to render nil returns. Please be guided accordingly and ensure compliance.”