The Central Bank of Nigeria (CBN) has issued new guidelines for the sale of Foreign Exchange (Forex) by Bureau De Change (BDCs) operators across the country. This development is coming about 2 years after the suspended CBN Governor, Godwin Emefiele placed a ban of the sale of forex to that sector of the market, alleging that BDC operators were money laundering agents and were also subverting the cashless policy of the CBN.
The apex bank issued the fresh guidelines on its website titled “Operational Mechanism For Bureau De Change Operations in Nigeria” which reads as follows: “The spread on buying and selling by BDC Operators shall be within an allowable limit of -2.5% to +2.5% of the Nigerian Foreign Exchange market window weighted average rate of the previous day.
“Mandatory rendition by BDC Operators of the statutory periodic reports (daily, weekly, monthly, quarterly and yearly) on the Financial Institution Forex Rendition System (FIFX) which has been ungraded to meet individual Operator’s requirements.
“Operators are to note that with effect from the date of this circular, non-rendition of returns would attract sanctions which may include withdrawal of operating license.
“Where operators do not have any transaction within the period, they are expected to render nil returns. Please be guided accordingly and ensure compliance”
