The Central Bank of Nigeria (CBN) has released fresh operational mechanisms for the sale of forex by Bureau De Change (BDCs) operators across the country.
It would be recalled that in July 2021, the suspended Governor of CBN, Godwin Emefiele, discontinued the sale of foreign exchange (FX) to Bureau De Change operators in the country.
According to a statement by the Director, Trade and Exchange Department, Dr. O.S Nnaji, on Friday, this move is to improve the efficiency of the foreign exchange market.
“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.
“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 transactions within the period, they are- expected to render nil returns. Please be guided accordingly and ensure compliance.”
In the same vein, CBN has raised concerns over the increasing activities of illegal financial operators (IFOs) in the country, who lure and defraud unsuspecting members of the public by offering extraordinary returns on investments as bait.
The Apex bank stressed that their activities portend a grave risk to the stability of the country’s financial system.
Members of the Public are urged to report any individual or entities involved in such nefarious activities to the appropriate law enforcement agencies.
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