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CBN Orders BDCs to Henceforth Access Forex Three Times Weekly

By Dipo Olowookere

Dealers in the Bureaux De Change (BDC) segment of the foreign exchange market have been directed by the Central Bank of Nigeria (CBN) to henceforth access forex three times in a week.

This directive was contained in a circular signed by the Acting Director, Corporate Communications, at the CBN, Mr Isaac Okorafor, on Sunday, May 27, 2018.

The apex bank, which compliance to this order was “compulsory”, noted that the BDCs must access the forex from it on Mondays, Wednesdays and Fridays.

The central bank threatened to revoke operating license of any BDC operator that fails to comply with the directive.

“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,” the circular read.

Also, the CBN, in the same circular titled ‘Sale of Forex to Travelers Over the Counter,’ Mr Okorafor said, “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.”

According to him, “All travelers shall be attended to immediately at the banks’ counters.”

He warned that “any contravention shall be sanctioned by the CBN.”

Mr Okorafor explained that these steps were taken “in order to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market.”

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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