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CBN Introduces Special Forex Intervention For BDC

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The Central Bank of Nigeria [CBN] has introduced special foreign exchange cash sales intervention programme for Bureau De Change (BDC) operators.

CBN announced this via a press statement issued on behalf of the Director of Trade & Exchange Department, Mr. U. Abdullahi.

The statement addressed to all bureau de change operators and the general public reads:

“This is to inform Bureau De Change (BDC) Operators and the general public that with the approach of the yuletide season and the resultant increase in the demand for Personal/Business Travel Allowance, the CBN has in addition to the existing market days (Monday, Wednesday and Friday) introduced a special intervention day every Thursday for USD15,000.00 per BDC commencing on Thursday, December 06, 2018.

“Consequently, all BDCs should note that the cut-off time for receiving Naira deposits into their respective bank accounts for the Thursday’s special intervention shall be 10:00am on the Thursday.”

The apex bank, therefore, advised all operators to ensure strict compliance with the provisions of the extant regulations on the disbursement of forex cash to their respective customers.

CBN warned that any case of infraction will be appropriately sanctioned.

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