May 28, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Monday reviewed the weekly foreign exchange cash sales to the Bureau De Change (BDC) operators. to three times per week

“As part of our efforts to enhance the accessibility of foreign exchange especially to the Bureau De Change (BDC) segment, the frequency of sales to licensed BDCs is hereby increased to three (3) times weekly,” Ahuchogu O.L.  acting director, Trade and Exchange department of the CBN said in a circular.

The review shows that the purchase of foreign exchange by BDCs shall be on Mondays, Wednesdays and Fridays. “The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent Naira proceeds on Tuesdays, Thursdays and Fridays,” Ahuchogu added. 

The CBN says that meanwhile, authorised dealers shall continue to sell foreign currencies for travel related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, Air ticket Visa). 

According to the CBN, all authorised dealers and Bureau De Change Operators are hereby advised to ensure strict compliance with the provisions of the extant regulations on the disbursement of foreign exchange cash to travelers, as any case of infraction will be appropriately sanctioned.