The Central Bank of Nigeria (CBN) on Thursday announced the resumption of sale of foreign exchange (forex) to licensed Bureau De Change (BDC) operators on Mondays and Wednesdays for now.
The apex bank, in a circular dated August 27 addressed to all authorised dealers, BDC operators and members of the public, and signed by its Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, stated the resumption of forex sales was part of efforts to enhance accessibility of the greenback, particularly to travellers following the announcement of the limited resumption of international flights.
CBN, in the circular on forex sales to the BDCs, stated: “The Central Bank of Nigeria 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.
“Consequently, purchase of forex by BDCs shall be on Monday, and Wednesdays in the first instance.”
According to the apex bank, BDCs are expected to “ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays accordingly.”
“Meanwhile, authorised dealers (deposit money 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 and 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,” it stated.
In a related circular posted on its website, the apex bank also reviewed its guidelines for the licensing and regulation of Payment Service Banks (PSBs).
In the circular signed by Director, Financial Policy and Regulation, Kevin Amugo, the apex bank pegged the minimum capital requirement for PSBs at N5 billion.
The PSBs are also expected to deposit a non-refundable application fee of N500,000.
