CBN Resumes Sales of Foreign Exchange To Bureau De Change Operators

Posted by African Examiner Business News, Featured, Latest Headlines, News Friday, August 28th, 2020

(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) says it has commenced the sales of foreign exchange to the Bureau De Change (BDC) operators in the country.

The CBN made this known in a circular signed by Dr Ozoemena Nnaji, Director Trade and Exchange Department, and addressed to authorised dealers and BDC operators on Thursday.

The bank said the step was part of efforts to enhance accessibility to foreign exchange, particularly to travellers following the announcement of the limited resumption of international flights by Minister of Aviation.

“The CBN hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from Sept. 7.

“Consequently, purchase of foreign exchange by BDCs shall be on Mondays and Wednesdays in the first instance. The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays accordingly.

“Meanwhile, authorised dealers of Deposit Money Banks shall continue to sell foreign currency for travel related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents, passport, air ticket and visa.

“All authorised dealers and BDC operators are hereby advised to ensure strict compliance with the provision of the extant regulation on the disbursement of foreign exchange cash to travellers as any case of infraction will be appropriately sanctioned,” it stated.