CBN Directs Bdcs Not To Sell FX Above 2% Margin



IM

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.’’