The Central Bank of Nigeria on Monday announced the increase in the sale of foreign exchange to licensed Bureau de Change operators.
According to a circular issued by the Acting Director, Trade and Exchange Department, CBN, Mrs. Onyinye Ahuchogu, the increase in sales is part of efforts to enhance the accessibility of forex to the BDC segment of the market.
Ahuchogu stated that the frequency of sales to licensed BDCs was increased to three times weekly, adding that consequent purchase of forex by the BDCs would be on Mondays, Wednesdays and Fridays
She said, “The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Tuesdays, Thursdays and Fridays.
“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 such as passport, air ticket and visa.”
“All authorised dealers and BDCs 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,” Ahuchogu added.
