Regulatory Alerts2011-08-15 | TED.FEM.GEN.FPC.01.15Foreign Exchange Cash Sales to Bureaux de Change (BDC's)
The Central Bank of Nigeria's Trade and Exchange Department announces a new policy effective August 24, 2011. Starting from that date, the bank will sell $100,000 per week to each Bureau De Change (BDC) operator without any prior notice or specific end date. BDCs are expected to ensure they maintain sufficient funds in their accounts in order to participate in this new sales market. They are also required to adhere to extant financial regulations and report their transactions accordingly.
TRADE & EXCHANGE DEPARTMENT
| 09-61637804 | |
|---|---|
| Tel : | 09-61637802 |
| Fax: . |
e-mail.address:ted@cenbank.org August 15, 2011 TED/FEM/GEN/FPC/01/015 TO: ALL AUTHORISED DEALERS, BUREAUX DE CHANGE (BDCs) OPERATORS AND GENERAL PUBLIC FOREIGN EXCHANGE CASH SALES TO BUREAUX DE CHANGE (BDCs) Further to the circular Ref. TED/FEM/FPC/GEN/01/013 dated August 12, 2011 on the above subject, we write to inform you that the CBN will henceforth sell the sum of US$100,000.00 (One hundred thousand United States Dollars) to each BDC every week.
The sale which is expected to take effect from August 24, 2011 is to continue till further notice and BDCs are required to ensure that their accounts are adequately funded to enable them participate in the market. All BDCs are enjoined to render appropriate returns on their operations in accordance with extant regulations.
O. L. AHUCHOGU (MRS) for :DIRECTOR TRADE & EXCHANGE DEPARTMENT