The Central Bank of Nigeria, CBN, has rolled out fresh operational guidelines for Bureau de Change, BDC, operators in the country.
The new guidelines will be fixing the operators’ allowable limits at the Nigeria Foreign Exchange Market.
In a circular issued by CBN’s Director of Trade and Exchange Department, Dr O.S Nnaji, on Friday, August 25, 2023, it said the move was part of measures to improve the efficiency of the forex market.
The circular stated that the spread on buying and selling by BDC operators was fixed within an allowable limit of -2.5 per cent to +2.5 per cent of the Nigerian Foreign Exchange market window weighted average rate of the previous day.
It furthered that “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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