Regulatory Alerts2011-08-12 | TED.FEM.GEN.FPC.01.012Foreign Exchange Cash Sales to Bureaux de Change (BDCs) by Banks
The Central Bank of Nigeria has approved a maximum of USD 1 million per week for authorized dealers (ADs) to sell to Bureaux De Change (BDCs) from autonomous funds, and each BDC can only purchase foreign exchange from one AD per week. Any contravention will attract sanctions in accordance with the relevant provisions of the Banking and Other Financial Institutions Act (BOFIA). This circular replaces an earlier one dated 28th July, 2011.
CENTRAL BANK OF NIGERIA Corporate Head Offic Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE & EXCHANGE DEPARTMENT Tel ............. 09-46237827 Fax: 09 46237809 E-mail address:ted@cbn.gov.ng TED/FEM/GEN/FPC/01/012 August 12 2011 TO ALL AUTHORISED DEALERS, BUREAU DE CHANGE OPERATORS AND THE GENERAL PUBLIC Dear Sir, FOREIGN EXCHANGE CASH SALES TO BUREAUX DE CHANGE (BDCs) BY BANKS In a bid to sustain and ensure exchange rate stability in the Foreign Exchange Market, Authorized Dealers (ADs) are hereby informed that a maximum of USD1,000,000.00 (One million United States Dollars only) has been approved for each AD to sell to Bureaux De Change Operators per week from autonomous funds.
Furthermore, each BDC is restricted to purchase foreign exchange from only one Authorized Dealer per week.
Authorized Dealers and BDC operators are, therefore, enjoined to ensure compliance and render appropriate returns on the transactions, as any contravention shall attract appropriate sanctions in line with the relevant provisions of Banks and Other Financial Institutions Act (BOFIA) as amended.
This circular supersedes the earlier one on the subject dated 28th July, 2011.
DIRECTOR TRADE & EXCHANGE DEPARTMENT