The Central Bank of Nigeria has issued new guidelines restricting Bureau de Change operators to purchasing a maximum of 25,000 dollars per week from a single authorised dealer bank as part of efforts to regulate the retail foreign exchange market and enhance transparency.
The directive, outlined in a circular on Wednesday takes effect immediately.
According to the circular, the new rule means that BDCs must select one authorised dealer bank per week to source their allocated forex, preventing them from obtaining funds from multiple banks.
The CBN warned that any Bureau De Change operator found violating this rule would face appropriate sanctions.
It also mandated that forex must be sold at the prevailing rate in the Nigerian Foreign Exchange Market window to ensure consistency in pricing.
To curb excessive pricing, the CBN has imposed a one percent cap on the margin Bureau de Change operators can charge end-users above their purchase rate.
