2014-01-24 | TED/FEM/FPC/GEN/01/004

Developments in the Foreign Exchange Market: Foreign Exchange sales to Bureau De Change (BDC) Operators by Banks

The Nigerian Trade and Exchange Department has removed the $250,000 weekly limit for forex sales to Bureau De Change (BDC) operators by banks. This decision aims to improve liquidity in the foreign exchange market. Banks must still adhere to anti-money laundering/financial terrorism laws and regulations when selling forex to BDCs and end-users, as well as submit weekly reports on their transactions. Failure to comply with these requirements may result in revocation of operating licenses.

Nigeria

Central Bank of Nigeria

Show thumbnail