The Central Bank of Nigeria has released fresh operational guidelines for Bureau de Change (BDC) operators in the country, fixing their allowable limits at the Nigeria Foreign Exchange Market.
The apex bank in a circular issued by its Director trade and Exchange Department, Dr O.S Nnaji to BDCs in the country and the general public, released on its website on Friday night said the move was part of measures to improve the efficiency of the forex market.
According to the circular, the spread on buying and selling by BDC operators was fixed within an allowable limit of -2.5 percent to +2.5 percent of the Nigerian Foreign Exchange market window weighted average rate of the previous day.
It further stated that “Mandatory rendition by BDC Operators of the statutory periodic reports (daily, weekly, monthly, quarterly and yearly) on the Financial Institution Forex Rendition System (FIFX) has been upgraded to meet individual Operator’s requirements.
According to the circular, “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 transaction within the period, they are- expected to render nil returns. Please be guided accordingly and ensure compliance.”