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Sellers Of FX Above $10k To BDCs Must Declare Source – CBN

Banks

Central Bank of Nigeria (CBN) has said sellers of foreign exchange (FX) of $10,000 and above to Bureau De Change (BDC) operators must declare the source of the forex.

Gatekeepers News reports that the CBN made this known on Friday in a document titled ‘Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria’.

The apex bank further mandated the sellers to “comply with all AML/CFT/CPF regulations and foreign exchange laws and regulations”.

In addition, the CBN said customers can move foreign currencies from their domiciliary accounts with Nigerian banks to BDCs.

The financial regulator said, “All digital/transfer purchases of foreign currencies shall be credited to the BDC’s Nigerian domiciliary account.

“Payments for all digital/transfer purchases of foreign currency by a BDC shall be by transfer to the customer’s Naira account. If the customer is non-resident (whether Nigerian or not), a BDC may issue the customer a prepaid NGN card.”

The apex bank said BDCs can source foreign currencies from tourists, returnees from the diaspora, and expatriates with foreign exchange inflows from work, travel, investment or their domiciliary accounts.

Other allowable sources mentioned by CBN are residents with foreign exchange inflows from work, travel, investment or their domiciliary accounts, and International Money Transfer Operators (IMTOs).

The apex bank listed embassies, hotels that are authorised buyers of foreign currencies, the Nigerian foreign exchange market (NFEM), as well as any other source that the apex bank may specify.

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