The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change (BDC) operators from purchasing foreign exchange from a single authorised dealer per week.
In a circular signed by W. J. Kanya, its Acting Director of Trade and Exchange, the apex bank mandated a weekly purchase cap of $25,000 per BDC from an authorised dealer.
“A BDC shall approach its preferred Authorised Dealer Bank (ADB) and can only procure the said amount from only that bank of its choice in a week," the bank mandated. "Any breach of this condition will attract appropriate sanction."
The CBN also restricted BDCs from reselling FX at a rate exceeding one percent margin. It also mandated authorised dealer banks and BDCs to render weekly sales and purchase data.
