The Governor
Bank of Nigeria TED/FEM/FPC/GEN/01/024 TO: ALL AUTHORISED DEALERS, OIL AND OIL SERVICES COMPANIES, GOVERNMENT AGENCIES February 25, 2009 RETAIL DUTCH AUCTION SYSTEM (RDAS): SALE OF FOREIGN EXCHANGE BY OIL AND OIL SERVICES COMPANIES, MAPC AND OTHER GOVERNMENT AGENCIES In order to ensure consistency with the RDAS framework, avoicl leakages and abuses in the utilization of foreign exchange, the procedures for the sale of foreign exchange by oil and oil services companies, NNPC, NPA, NMA and Shippers Council, and other Government agencies to meet their local commitments are hereby reviewed as follows:
(i) '
With effect from February 26; 2009, oil_and oil services companies operating in Nigeria are now to sell their foreign exchange receipts to the Central Bank of Nigeria only; (ii) All Government agencies earning foreign exchange, including the Nigərian National Petroleum Corporation (NNPC), Nigerian Ports Authority, Nigerian Maritime Authority, the Shippars Council, etc are required to sell their foreign exchange to meat their local currency requirements to the CBN only; The price at which the CBN stands ready to buy the foreign exchange shall be at no more than one per cent (1%) below its immediate past selling price at the RDAS.

(iii)

Central Bank Of Nigeria

Authorised Dealers, Oil and Oil Services Companies, and all relevant Government agencies are required to note and comply fully.

This circular supersedes the earlier one Ref. TED/AD/94/99 of 19* October, 1999 which allowed these agencies and companies to sell their foreign exchange to Authorized Dealers.

eHUKWUMA C. SOLUDO (CFR)
PRC
GOVERNO
CENTRAL BANK
OF NIGERIA

Cc:

President and C-in-C, Federal Republic of Nigeria - Hon. Minister of Finance Hon. Minister of Petroleum Resources l Hon. Minister of Transport l Hon. Minister of Aviation -

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