CBN directs BDCs to sell unutilized FX to NFEM
By Elizabeth Adegbesan The Central Bank of Nigeria, CBN, has directed Bureau De Changes, BDCs, to sell unutilized foreign exchange, FX, balances to the Nigerian Foreign Exchange, NFEM, market within twenty-four (24) hours of the expiry of the utilisation period.
The apex bank disclosed this in its regulatory guidance on purchase of FX by BDCs through authorized dealer banks in NFEM.
The apex bank also prohibited third party transactions saying, “Foreign exchange purchased by a BDC shall be credited only to the BDC’s registered settlement account.
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