Finance & EconomyNews

CBN Resumes Sales of FX to BDC Operators

As part of efforts to enhance accessibility to foreign exchange particularly to travelers following the announcement of the limited resumption of international flights by the Honourable Minister of Aviation commencing with Abuja and Lagos, the Central Bank of Nigeria has disclosed that it would begin a  gradual sales of foreign exchange to licensed BDC operators  with effect from August 31, 2020.

Consequently, the apex bank noted that the  purchase of foreign exchange by BDCs would  be on Mondays, and Wednesdays in the first instance. However, it  declared that BDCs must  ensure that their accounts with the banks are duly funded with the equivalent Naira proceeds on Fridays and Tuesdays accordingly.

Meanwhile, it added that Authorised Dealers (deposit money banks) would  continue to sell foreign currencies for travel related invisible transactions to customers and non- customers over the counter upon presentation of relevant travel documents (passport, Air ticket & Visa).

It enjoined all Authorised Dealers and Bureau De Change Operators  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.

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