The Central Bank of Nigeria (CBN) has released fresh operational mechanisms for the sale of forex by Bureau De Change (BDCs) operators within the country. This is coming 25 months after Godwin Emefiele, the suspended CBN governor, announced the discontinuance of foreign exchange sales to that segment of the forex market.
“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,” the CBN said in a statement uploaded to its website on Friday. “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 transaction within the period, they are- expected to render nil returns. Please be guided accordingly and ensure compliance.”
