The Central Bank of Nigeria (CBN) has released new guidelines regarding the sale of foreign exchange (FX) to Bureaux De Change (BDC) operators.
These details were provided in a statement from the CBN’s Trade and Exchange Department on Wednesday.
This move follows the CBN’s previous authorization that granted temporary access to existing BDCs to participate in the Nigerian Foreign Exchange Market (NFEM) for purchasing FX from authorized dealers.
The CBN specified that authorized dealers are permitted to sell foreign exchange cash to BDCs, with a limit of USD 25,000.00 per week for each BDC.
The CBN also cautioned that any violations of this regulation will result in appropriate penalties.
Furthermore, the CBN stated that the selling rate from authorized dealers to BDCs must align with the prevailing rate at the NFEM window on the day of the transaction.
The bank’s statement indicates that “BDC-acquired foreign exchange cash from authorized dealer banks must be sold to end-users at a rate that does not exceed a one percent margin above the purchase rate.
“This one percent margin will apply to all funds sold by BDCs, irrespective of their source.”
