2023-08-18 | TED/FEM/PUB/FPC/001/007

Operational Mechanism for Bureau de Change Operations in Nigeria

The Central Bank of Nigeria announces operational mechanisms for Bureau De Change (BDC) operations, including a specified spread limit on buying and selling rates, mandatory periodic reporting, and consequences for non-compliance, such as the potential withdrawal of operating licenses. These measures aim to enhance the efficiency and regulation of the Nigerian Foreign Exchange Market. BDC operators must adhere to these requirements to maintain their licenses and contribute to a well-functioning forex market in Nigeria.

Nigeria

Central Bank of Nigeria

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