CBN to resume forex sales to BDCs, others

CBN to resume forex sales to BDCs, others

The Central Bank of Nigeria (CBN) yesterday, announced that it will commence sales of dollars to Bureau de Change (BDC) operators next week to enable travellers  have more access to foreign exchange   following the announcement   of the resumption of international flight. In a circular to all authorised dealers, BDC operators and general public, the apex bank said the purchase of foreign exchange by BDCs shall be on Mondays  and Wednesdays in the first instance.

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The circular signed by Director Trade and Exchange Department, CBN, O.S Nnaji stated:”As part of efforts to enhance accessibility to foreign exchange partlcularly to travelers following the announcement of the limited resumption of international flights by the Honourable Minister of Aviation commencing with Abuja and Lagos, the CBN hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from August 31, 2020.

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“Consequently, purchase of foreign exchange shall be on Mondays and Wednesdays in the first instance. The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent Naira proceeds on Fridays and Tuesdays accordingly “Meanwhile, Authorised Dealers (banks) shall 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). “All Authorised Dealers and BDC  Operators are hereby advised 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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