2024-02-27 | TED/DIR/CON/GOM/001/066

Sales of Foreign Exchange to Bureau De Change Operators to Meet Retail Demand for Eligible Invisible Transactions

The Central Bank of Nigeria (CBN) is addressing ongoing foreign exchange market reforms and the resulting price distortions at the retail level. To resolve this, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDC) operators, offering $20,000 to each BDC at a set rate, with the directive that they sell to end-users at a margin not exceeding 1%. The Trade and Exchange Department outlines guidelines for BDCs to follow, including record-keeping, selling limits, and display of rates, with the CBN conducting periodic examinations to ensure compliance and professionalism.

Nigeria

Central Bank of Nigeria

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