New operational procedures have been made available by the Central Bank of Nigeria (CBN) enabling operators of Bureau De Changes (BDCs) in the nation to sell foreign exchange.
It has been 25 months since suspended CBN governor Godwin Emefiele indicated that sales of foreign currency to that sector of the FX market will no longer be made.
“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.
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“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.
