2013-11-28 | TED/FEM/FPC/GEN/01/20

Developments in the Foreign Exchange Market

This circular from the Trade and Exchange Department (TED) outlines new guidelines for Authorised Dealers selling foreign exchange cash to Bureau de Change (BDC) operators, with a maximum weekly sale of $250,000 per BDC at a rate of the Interbank exchange rate plus a 1% margin. The selling rate by the Authorised Dealer to BDCs is also capped at a 2% margin above the buying rate, and both parties must submit their sales and purchase returns using provided email addresses by 10:00 am on the following Monday. Failure to comply with these provisions could result in appropriate sanctions, including withdrawal of the operating license.

Nigeria

Central Bank of Nigeria

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