The Central Bank of Nigeria on Tuesday directed Bureau De Change
operators not to sell foreign exchange above two per cent margin of the
buying rate.
A statement by W.D Gotring, the Acting Director,
Trade and Exchange Department of CBN, also directed authorised dealers
not to sell foreign exchange to any BDC more than a maximum of 30, 000
dollars per week.
According to the statement, a BDC shall
nominate its preferred dealer or a bank to procure the said amount from
only that bank in a week.
It also said that the selling rate by
the dealer to BDCs should be the buying rate from International Money
Transfer Operators plus a margin not exceeding 1.5 per cent.
It
said, “Foreign exchange cash purchased by BDCs shall be sold to foreign
exchange end-users at a rate not exceeding two per cent margin above the
buying rate.
“The two per cent margin above shall be applicable to all funds to be retailed by the BDCs regardless of sources of funds
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