The Central Bank of Nigeria (CBN) has permitted licensed bureau de change (BDC) operators to access foreign exchange from the Nigerian Foreign Exchange Market (NFEM) through authorised dealer banks.
CBN announced on Tuesday in a circular signed by Musa Narkoji, director of the trade and exchange department, and addressed to all authorised dealer banks and the general public
The apex bank said all BDCs duly licenced by the bank can now purchase foreign exchange from the NFEM through any authorised dealer of their choice at the prevailing market rate.
Authorised Dealers are required to complete the necessary KYC and due diligence for their BDC clients in line with applicable regulations and the internal risk management framework,” CBN said.
“Upon completion of these requirements, foreign exchange may be sold to BDCs for utilisation in line with the existing BDC Guidelines, subject to a maximum of USD150,000 per week for each BDC. “All licensed BDCs shall ensure the timely and accurate submission of returns to the Central Bank electronically, and in accordance with extant regulations.
“Any unutilised balances are expected to be sold back to the market within 24 hours (BDCS are not permitted to keep funds purchased from NFEM in their positions).”
