Central Bank of Nigeria, CBN, has given a directive to authorised dealers who are agents to approved International Money Transfers to sell foreign currency accruing from inward money remittances to licensed Bureaux De Change Operators, BDC’s, with effect from last Friday.
CBN in a circular titled TED/FEM/ FPC/GEN/01/004, signed by Acting Director, Trade and Exchange department, W.D. Gotring noted that the authorisation was in the continued effort to ensure the stability of the exchange rate and to encourage participation of all critical stakeholders in the foreign exchange market.
The circular further noted that all international money transfer operators are required to remit foreign currency to agent banks for disbursement in naira to beneficiaries, while the foreign currency proceeds shall be sold to the BDCs.
It said, “The foreign currency proceeds of international money transfer sold to the BDC operators shall be retailed to end users in compliance with the provisions of anti money laundering laws and observance of appropriate know your customer principles including the use of Bank Verification Number (BVN).
“Furthermore, authorised dealers and BDCs are required to render returns of the operation daily and monthly to the Director, Trade and Exchange, CBN via e-FASS application, in accordance with extant regulation.”
The apex bank then warned that failure by any Authorised Dealer and/or Bureaux De Change operator to render returns as and when due shall attract appropriate sanction, including withdrawal of dealership license.
In a move to halt the rapid depletion of Nigeria’s foreign reserves, the CBN earlier discontinued its sales of foreign exchange to Bureau de Changes prompting the operators in this segment of the market to source their needs from autonomous sources.

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