The Central Bank of Nigeria (CBN) has released fresh
operational mechanisms for the sale of forex by Bureau De Change (BDCs)
operators within the country.
This is coming 25 months after Godwin Emefiele, the
suspended CBN governor, announced the discontinuance of foreign exchange sales
to that segment 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.”
Emefiele had said the BDCs had become money laundering
agents, emphasising that the CBN “will deal ruthlessly with
Nigerian banks who have acted as collaborators with these illegal forex
dealers, we will deal with them ruthlessly because they have allowed their
banking and payment system infrastructure to facilitate these illegal dealings
in foreign exchange”.
He claimed at the time that the BDCs were dollarising the
Nigerian economy and subverting the cashless policy of the central bank.
However, the new leadership at the CBN, in an effort to
stabilise the foreign exchange market has asked the BDCs to be guided and stick
to the new guidelines.
The apex bank did not state expressly if it would continue
the sale of dollars to the BDCs.
According to the CBN website, there are 5,687
licenced BDCs in the country.
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