As the Central Bank of Nigeria,CBN announces resumption of forex sale to Bureau De Change Operators from August 31,2020, the Apex bank has issued new guidelines for BDC’s in the country.
In a Communique signed by C.S Nnaji, Director of Trade/Exchange Department on Thursday,,CBN warned that BDC’s must not exchange the naira at more than N386 per dollar.
The statement reads” Please be advised that the applicable exchange rate for the disbursement of proceeds of lMTOs for the period Monday, August 31 to Friday, September 04,2020, is as follows.:
1 IMTSOs to banks:N382/$1
2 Banks to CBN N383/$1
3 CBN to BDC’s N384/$1
4 BDC’s to end-users :Not more than N386
5 Volume of sale to each market is$10.000 per BDC.
” The BDC’s are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays.Banks 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 and visa)”.
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