By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: CBN to resume sale of dollars to BDCs, demands daily rendition of forex utilization
Share
Sign In
Notification Show More
Latest News
Firm drags Zenith Bank to UK parliament, ICC over $64m S/Court contract judgment
Business Judiciary Legal/Courts Metro News
NCAA Promoting Staff Wellbeing, Bonding Through Sporting Activities– Director
Aviation News Sports
93% Mangrove restoration, 53% Shoreline remediation, Others completed In HYPREP Mid-Term Reports
Environment News Science
Prof. Bart Nnaji To Chair 2025 Oriental News Nigeria Summit
Business Media News Power
NBA 3rd Vice President charges new NBA Nyanya-Karu Chair to unite branch
Judiciary Legal/Courts News
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > CBN to resume sale of dollars to BDCs, demands daily rendition of forex utilization
BusinessNews

CBN to resume sale of dollars to BDCs, demands daily rendition of forex utilization

Publisher
By Publisher Published August 19, 2023
Share
3 Min Read
SHARE

 

The Central Bank of Nigeria (CBN) has announced measures to reintroduce Bureau de Change Operators in Nigeria into the foreign exchange market a few days after threatening speculators.

The bank announced its reintroduction in a circular addressed to BDCs and the public titled, ‘Operational Mechanism For Bureau De Change Operations In Nigeria.’

- Advertisement -
Ad image

The development is coming amidst efforts for the naira to trade in fair value. The naira had traded around N955 per dollar on Monday before the CBN began the policy that crashed the price to N845 as of Friday.

In the new regime, the CBN said BDCs must submit periodic accounts of the activities through the Financial Institution Forex Rendition System (FIFX).

The CBN said, “In support of the drive to improve the efficiency of the Nigerian Foreign Exchange Market, the Central Bank of Nigeria hereby announces the underlisted operational mechanism for the Bureau De Change (BDC) segment of the market.

“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.

“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”.

It was earlier reported that BDCs were terrified about the recent threat of the acting CBN governor, Folashodun Shonubi.

Bureau de Change dealers in Zone 4 in Abuja had said that the CBN had asked for their financial records and threatened to withdraw their licences.

The intervention would be possible with the $3bn dollars deal signed by the Nigerian National Petroleum Company Ltd with the African Import-Export Bank.

Like this:

Like Loading...

Related

You Might Also Like

Firm drags Zenith Bank to UK parliament, ICC over $64m S/Court contract judgment

NCAA Promoting Staff Wellbeing, Bonding Through Sporting Activities– Director

93% Mangrove restoration, 53% Shoreline remediation, Others completed In HYPREP Mid-Term Reports

Prof. Bart Nnaji To Chair 2025 Oriental News Nigeria Summit

NBA 3rd Vice President charges new NBA Nyanya-Karu Chair to unite branch

TAGGED: Bereau de change, CBN, forex

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher August 19, 2023
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Subsidy Removal: Tinubu Approves Compressed Natural Gas Initiative 
Next Article Int’l Youth Day: YNCSD Programmes Excite Young People On Leadership Processes, Participation
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

Firm drags Zenith Bank to UK parliament, ICC over $64m S/Court contract judgment
Business Judiciary Legal/Courts Metro News June 22, 2025
NCAA Promoting Staff Wellbeing, Bonding Through Sporting Activities– Director
Aviation News Sports June 21, 2025
93% Mangrove restoration, 53% Shoreline remediation, Others completed In HYPREP Mid-Term Reports
Environment News Science June 21, 2025
Prof. Bart Nnaji To Chair 2025 Oriental News Nigeria Summit
Business Media News Power June 21, 2025

You Might also Like

BusinessJudiciaryLegal/CourtsMetroNews

Firm drags Zenith Bank to UK parliament, ICC over $64m S/Court contract judgment

June 22, 2025
AviationNewsSports

NCAA Promoting Staff Wellbeing, Bonding Through Sporting Activities– Director

June 21, 2025
EnvironmentNewsScience

93% Mangrove restoration, 53% Shoreline remediation, Others completed In HYPREP Mid-Term Reports

June 21, 2025
BusinessMediaNewsPower

Prof. Bart Nnaji To Chair 2025 Oriental News Nigeria Summit

June 21, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d