2011-07-28 | TED.FEM.GEN.FPC.01.011

Foreign Exchange Cash Sales to Bureaux De Change (BDCs) by Banks

The Trade and Exchange Department of the Central Bank has issued a circular, dated July 28, 2011. It establishes limitations on cash sales to Bureaux de Change by Authorized Dealers (ADs). Each AD is limited to selling USD 500,000 per week from autonomous funds to only one Bureau De Change (BDC) operator. Furthermore, each BDC can purchase foreign exchange only from a single AD in a given week. The department urges compliance and returns submission for these transactions, with any violation facing appropriate sanctions. This circular replaces the previous one issued on June 24, 2011. Sulwarm BATARI MUSA is the Director of the Trade & Exchange Department.

Nigeria

Central Bank of Nigeria

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