The Central Bank of Nigeria (CBN) has issued a fresh directive limiting Bureau de Change (BDC) operators and Authorized Dealer Banks (ADBs) to a maximum purchase of $25,000 in foreign exchange (FX) for their weekly operations.
According to the new guideline, this measure is aimed at ensuring transparency and curbing speculative activities in the forex market. The acting director of trade and exchange at the CBN, WJ Kanya, emphasized that compliance with the directive will enhance oversight functions and prevent the misuse of FX.
Under the new rules, BDCs are permitted to source forex from only one ADB per week. Additionally, authorized dealers are required to submit weekly reports of forex sales to BDCs in a specified Excel format to the CBN’s Trade and Exchange Department. BDCs must also provide daily reports on forex purchases and sales through the Financial Institutions Forex Reporting System (FIFX).
These measures will help the CBN track forex flows and prevent illicit activities in the currency market, the apex bank stated.
Furthermore, the CBN outlined that forex disbursement by BDCs is restricted to a maximum transaction of $5,000 per quarter for specific purposes, including Business Travel Allowance (BTA), Personal Travel Allowance (PTA), overseas school fees, and medical expenses.
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