CBN direct banks to sell forex to BDCs

By Moses Ebosele – 
AS part of measures to ensure stability of the Exchange rate, the Central Bank of Nigeria (CBN) has directed agent banks approved for international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators (BDCs).
The directive was contained in a circular with reference number, “TED/FEM/ FPC/GEN/01/004 dated July 22, 2016 and pasted on CBN website.
 Signed by the Acting Director, Trade and Exchange Department, W.D. Gotring, the circular explained that all international money transfer operators would be required to remit foreign currency to agent banks for disbursement in Naira to beneficiaries.
According to the CBN, failure to comply by any dealer and operator shall attract appropriate sanction including withdrwal of licence.