The Central Bank of Nigeria has come up with full modalities to followed in sales of foreign exchange to Bureau de Change Operators, pegging the weekly quota to USD30,000 per company.
In a circular released shortly by the CBN, said “Authorised Dealers shall sell foreign exchange cash to BDCs subject to a maximum of USD30,000.00 (Thirty Thousand United States Dollars) to a BDC per week.
The apex bank also said “A BDC shall nominate its preferred Authorised Dealer (DMB) and can only procure the said amount from only that bank of its choice in a week.
As a warning to all stakeholders, the CBN said “Any breach of this condition will attract appropriate sanction. 2. The selling rate by the Authorised Dealers to BDCs shall be the buying rate from IMTO plus a margin not exceeding 1.5%”
As a sanction, any defaulting dealer and or BDC will have their licensed revoked.
See attached the full circular below:
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