Twenty-five months after Godwin Emefiele, the suspended CBN
governor, announced the discontinuance of foreign exchange sales to that
segment of the forex market, the Central Bank of Nigeria (CBN) under the leadership
of Folashodun Shonubi, new acting CBN Governor on Friday released fresh
guidelines for the sale of forex by Bureau De Change (BDCs) operators in
Nigeria.
“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.”
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