CBN directs authorized dealers to sell foreign currency to BDCs
The Central Bank of Nigeria (CBN) directed the authorized dealers to the approved International Money Transfer Operators (IMTO) to sell foreign currency accruing from inward money remittance to licensed Bureaux De Change (BDC) with effect from 22nd of their month.
This was in line with the apex banks continued effort aimed at ensuring stability of exchange rate as well as encourage participation of all stakeholders in the foreign exchange.
This was disclosed in a statement from the apex bank signed by the Acting Director, Trade & Exchange Department CBN, W.O Gotring.
According to the statement, all IMTO were required to remit foreign currency to agent banks for disbursement in Naira to the beneficiaries while the foreign currency proceeds of international money transfer sold to the BDCs should retailed to end users in compliance with compliance with the provision of anti-money laundery law and observance of appropriate KYC principles including BVNs.
It further directed that Authorized dealers and BDCs were required to render returns on their operations daily and monthly to the director, Trade and Exchange, CBN, adding that failure to do that will attract appropriate sanction including withdrawal of dealership license.