FOREX: CBN Directs BDCs To Access Three Times Weekly, DMBs To Deal With Travellers Over The Counters

The Central Bank of Nigeria (CBN) has mandated all operators of Bureau De Changes (BDCs) in the country to access foreign exchange at least three times every week direct from the apex bank.

It specified that the BDCs must access foreign exchange weekly on Mondays, Wednesdays and Fridays from it.

CBN further threatened that any defaulting operator or BDC would have its operating license reviewed or withdrawn immediately.

In a statement signed by the apex bank’s Acting Director, Corporate communications, Mr. Isaac Okorafor, CBN also directed all Deposit Money Banks (DMBs) to buy or sell foreign exchange to genuine travellers with verifiable relevant documents over the counters without delay or face sanction for noncompliance.

Mr. Okorafor in the statement, “Sale of Forex to Travelers Over the Counter”, explained that the measures were “in order to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market”.

According to the CBN, “All Deposit Money Banks (DMBs) are mandated to buy and sell foreign exchange to travelers (both customers and non-customers) upon presentation of relevant, valid travel documents such as visa and ticket OVER THE COUNTER.

“All travelers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN.

“All BDCs shall henceforth access forex from the CBN on Mondays, Wednesdays and Fridays. It is compulsory that all BDCs access forex at least three times weekly.

“Any BDC that fails to access the forex window at least three times weekly shall have its licence reviewed by the CBN.
Compliance is Compulsory.”