Central Bank of Nigeria (CBN) has introduced new operational protocols governing the sale of foreign exchange by Bureau De Change (BDC) operators in the nation.
Gatekeepers News reports that this development occurs after a span of 25 months since the then-suspended CBN governor, Godwin Emefiele, declared the halt of foreign exchange sales to this specific section of the forex market.
“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.”
This is a developing story………
