CBN Reviews Weekly Foreign Exchange Cash Sales To BDC Operators

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A trader changes dollars for naira at a currency exchange store in Lagos, Nigeria, February 12, 2015. REUTERS/Joe Penney/File Photo

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.

Consequently, 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.

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).

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 travellers, as any case of infraction will be appropriately sanctioned.