Regulatory Alerts2008-07-02 | TED-FEM-FPC-GEN-01-069-08Re: Rendition of Returns by Bureaux De Change Through eFASS
The Central Bank of Nigeria sent a letter to all Bureaux de Change Companies, reminding them that submitting monthly returns is a requirement for participating in direct foreign exchange cash sales. Starting August 1, 2008, BDCs that fail to submit their returns will be suspended from the foreign exchange market until they have submitted all outstanding returns. This letter serves as a reminder for BDCs to stay compliant with the regulations.
Tel: 09 616 37 804 May 23, 2007 Fax: 09 616 37 802 Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail address:ted@cenbank.org TED/FEM/FPC/GEN/01/067 July 1, 2008 TO: All Bureaux de Change Companies RE: RENDITION OF RETURNS BY BUREAUX DE CHANGE THROUGH eFASS Further to our circular Ref: TED/FEM/FPC/GEN/01/082 of July 10, 2007 all BDCs are reminded that rendition of the monthly returns is a condition for participation in the direct foreign exchange cash sales. Consequently, with effect from August 1, 2008 all BDCs that are in arrears of their monthly returns rendition would be suspended from the foreign exchange market until they make up all the outstanding returns. Please be guided accordingly.
B. MUSA AG. DIRECTOR TRADE & EXCHANGE DEPARTMENT