Regulatory Alerts2018-11-29 | TED/FEM/FPC/GEN/01/005Introduction of Special Intervention of Foreign Exchange Cash Sales to Bureau de Change Operators
The Central Bank of Nigeria announces a special intervention for foreign exchange cash sales to Bureau De Change Operators, offering USD15,000 per BDC on Thursdays starting December 6, 2018, in anticipation of increased demand during the yuletide season. BDCs are informed of a cut-off time for receiving Naira deposits, and operators are reminded to adhere to regulations regarding forex cash disbursement to customers, with infractions leading to sanctions. This measure aims to stabilize the forex market and ensure smooth operations during the holiday season.
CENTRAL BANK OF NIGERIA ate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 46237800 09 46237804 E-mail address: ted@cbn.gov.ng November 29, 2018 TED/FEM/FPC/GEN/01/005 TO: ALL BUREAU DE CHANGE OPERATORS THE GENERAL PUBLIC INTRODUCTION OF SPECIAL INTERVENTION OF FOREIGN EXCHANGE CASH SALES TO BUREAU DE CHANGE OPERATORS This is to inform Bureau De Change (BDC) Operators and the general public that with the approach of the yuletide season and the resultant increase in the demand for Personal/Business Travel Allowance, the CBN has in addition to the existing market days (Monday, Wednesday and Friday) introduced a special intervention day every Thursday for USD15,000.00 per BDC commencing on Thursday, December 06, 2018.
Consequently, all BDCs should note that the cut-off time for receiving Naira deposits into their respective bank accounts for the Thursday's special intervention shall be 10:00am on the Thursday.
All operators are hereby advised to ensure strict compliance with the provisions of the extant regulations on the disbursement of forex cash to their respective customers as any case of infraction will be appropriately sanctioned.
Please ensure strict compliance.
U. ABDULLAHI For: DIRECTOR TRADE & EXCHANGE DEPARTMENT