Regulatory Alerts2009-02-03 | BOD/DIR/CIR/GEN/01/23Operational Guidelines for Class A" Bureaux De Change Operators
The Central Bank of Nigeria (CBN) has issued revised operational guidelines for Class "A" Bureau De Change operators in Nigeria to enhance the efficiency and transparency of the foreign exchange market. Key highlights include a submission limit of USD5 million per BDC bid at RDAS auction sessions, submission between 9:00am - 10:00am Mondays and Wednesdays, cash disbursement on Tuesdays and Thursdays, adherence to daily rendition of returns via e-FASS, a selling rate of foreign exchange not more than 2% above the CBN rate, ensuring official receipts for every transaction, and maintaining records for accountability.
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