Regulatory Alerts2018-05-28 | TED/FEM/FPC/GEN/01/003Re: Review of Weekly Foreign Exchange Cash Sales to Bureau de Change (BDC) Operators
The Central Bank of Nigeria announces an increase in the frequency of foreign exchange sales to licensed Bureau De Change (BDC) operators to three times weekly (Mondays, Wednesdays, and Fridays). This measure aims to improve BDCs' access to foreign currency and requires them to fund their accounts with equivalent Naira proceeds on Tuesdays, Thursdays, and Saturdays. The bank instructs authorized dealers to continue selling foreign currencies for travel-related transactions and emphasizes the importance of adhering to regulations on foreign exchange disbursements.
ENTRAL BANK OF NIGE Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT 09 46237804 09 46237802 TRADE AND EXCHANGE DEPARTMENT E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/003 May 28, 2018 TO: ALL AUTHORISED DEALERS, BUREAU DE CHANGE OPERATORS and THE GENERAL PUBLIC DEVELOPMENT IN THE FOREIGN EXCHANGE MARKET RE: REVIEW OF WEEKLY FOREIGN EXCHANGE CASH SALES TO BUREAU DE CHANGE (BDC) OPERATORS As part of our efforts to enhance the accessibility of foreign exchange especially to the Bureau De Change (BDC) segment, the frequency of sales to licensed BDCs is hereby increased to three (3) times weekly.
Consequently, purchase of foreign exchange by BDCs shall be on Mondays, Wednesdays and Fridays. The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent Naira proceeds on Tuesdays, Thursdays and Fridays.
Meanwhile, Authorised Dealers shall continue to sell foreign currencies for travel related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, Air ticket & Visa).
All Authorised Dealers and Bureau De Change Operators are hereby advised to ensure strict compliance with the provisions of the extant regulations on the disbursement of foreign exchange cash to travellers, as any case of infraction will be appropriately sanctioned.
AHUCHOGU O.L. (MF Ag. DIRECTOR TRADE & EXCHANGE DEPARTMENT