2016-08-22 | TED/FEM/FPC/GEN/01/008

Re: Transactions in "Free Funds" by Authorised Dealers

The Central Bank of Nigeria has observed some Authorized Dealers engaging in transactions involving "free funds," which is against existing circulars (TED/AD/29/2004). These dealings require appropriate documentation and disclosure to regulatory authorities, and any violation of these requirements is a breach of extant regulations. The CBN reiterates that Authorized Dealers must not sell foreign exchange without the required documents or disclose them to relevant bodies. Only eligible transactions should be conducted, ensuring compliance with existing laws and regulations.

Nigeria

Central Bank of Nigeria

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