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The CBN has issued new regulatory guidance directing BDC operators on how they must handle foreign exchange purchased through the NFEMThe apex bank warned that BDCs holding onto unutilised FX beyond the approved utilisation period risk forfeiture and suspension of market accessThe apex bank also launched a centralised FX BDC Purchase Tracker to monitor compliance and improve transparency in the retail FX market
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has ordered Bureau De Change (BDC) operators to return any foreign exchange purchased through the Nigerian Foreign Exchange Market (NFEM) that remains unused within 24 hours of the expiry of the approved utilisation period.
The CBN has prohibited BDCs from retaining unutilised foreign exchange Photo: AFPSource: Facebook
The order is contained in the apex bank’s Regulatory Guidance on the Purchase
