The Central Bank of Nigeria (CBN) has set new guidelines for selling foreign exchange (FX) to Bureaux De Change (BDC) operators.
According to a statement from the Trade and Exchange Department of the CBN, this move follows the bank’s earlier approval allowing existing BDCs temporary access to the Nigerian Foreign Exchange Market (NFEM) for purchasing FX from authorized dealers.
Authorized dealers can sell foreign exchange cash to BDCs, with a cap of USD 25,000.00 per week per BDC. The CBN has cautioned that any violations of this limit will result in appropriate penalties. The exchange rate at which authorized dealers sell to BDCs must match the prevailing day rate at the NFEM window.
The CBN further clarified that BDCs must sell foreign exchange cash to end-users at a rate no more than one percent higher than the buying rate. This one percent margin applies to all funds retailed by BDCs, regardless of their source.
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