2009-07-10 | TED-FEM-FPC-GEN-01-111-09

Re: Operational Guidelines for Direct Foreign Exchange Cash Sales to Both Classes 'A' & 'B' Bureaux De Change (BDC) Operators

The Central Bank of Nigeria (CBN) will resume direct foreign exchange (cash) sales to Class 'B' BDC operators, subject to certain conditions. These include obtaining a valid operating licence and depositing a $20,000 caution deposit in a non-interest account with the CBN. Market days for both classes will be Tuesdays and Wednesdays, with specific requirements for purchasing foreign exchange. The maximum cash disbursement to each Class 'B' BDC per week is $100,000, while it is $1 million for all Class 'A' BDCs. The CBN will sell at the immediate past WDAS session clearing rate with a 2% spread limit. Furthermore, the minimum paid-up capital for Class 'A' BDCs has been reduced from N500 million to N250 million with effect from July 7, 2009.

Nigeria

Central Bank of Nigeria

Show thumbnail