Regulatory Alerts2011-06-24 | TED.FEM.FPC.GEN.01.010Re: foreign Exchange Cash Sales to Bureaux De Change (BDCs) By Banks
The Central Bank of Nigeria's Trade & Exchange Department has issued an amendment allowing Authorised Dealers to sell a maximum of US$250,000 per week to Bureau de Change (BDC) operators. This must be from one AD per BDC weekly and is effective immediately. Non-compliance will result in appropriate sanctions.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE & EXCHANGE DEPARTMENT Tel : ..
09 462378 09 4623780 Fax : .....
E-mail address:ted@cenbank.org TED/FEM/FPC/GEN/01/010 June 24, 2011 TO: All Authorised Dealers and All Bureaux de Change Operators RE: FOREIGN EXCHANGE CASH SALES TO BUREAUX DE CHANGE (BDCs) BY BANKS Further to the provisions of Section 4.1.1(iii) of the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Year 2010/2011, which allow Authorised Dealers to sell autonomous funds to BDCs subject to compliance with the Anti-Money Laundering Act 2004, all Authorised Dealers and Bureau de Change Operators are to note the following amendment for compliance: Authorised Dealers (ADs) are only allowed to sell a maximum of US$250,000.00 (Two hundred and fifty thousand United States Dollars) to BDCs per week and a BDC is allowed to purchase from only one Authorised Dealer per week.
This amendment takes effect from the date of this circular. ADs and BDC operators are, therefore, enjoined to ensure compliance as any contravention shall be sanctioned appropriately.
RADE & EXCHANGE DEPARTMENT