The Central Bank of Nigeria (CBN) released new guidelines for the sale of currencies by Bureau De Change (BDC) operators in Nigeria on Friday.
The decision was made by the top bank twenty-five months after suspended CBN governor Godwin Emefiele declared the suspension of foreign exchange sales to that portion of the FX market.
In a statement posted on its website on Friday, the CBN stated, “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 upgraded 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 transactions within the period, they are- expected to render nil returns. Please be guided accordingly and ensure compliance.”
