The Central Bank of Nigeria (CBN) has introduced new operational protocols governing the sale of foreign exchange by Bureau De Change (BDC) operators in the nation.
NewsEdge reports that this was announced in a statement uploaded to its website on Friday.
It read, “The spread on buying and selling by BDC Operators shall be within an allowable limit of -2.5% to +2.5% of the Nigerian Foreign Exchange market window weighted average rate of the previous day.
“Mandatory rendition by BDC Operators of the statutory periodic reports (daily, weekly, monthly, quarterly and yearly) on the Financial Institution Forex Rendition System (FIFX) which has been upgraded to meet individual Operator’s requirements.
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“Operators are to note that with effect from the date of this circular, non-rendition of returns would attract sanctions which may include withdrawal of operating license. Where Operators do not have any transaction within the period, they are- expected to render nil returns. Please be guided accordingly and ensure compliance.”