By Corporale Head Office
Centrai Business District
PM.B. 0187, Garki, Abuja, FCT
09-61637804
09-61637802
TRADE ANO E>6CHANGE DEPARTMENT
E -mail address:ted@cbn.gov.ng
Our Ref: TED/FEM/FPC/GEN/011004January 24, 2014
To: ALL AUTHORISED DEALERS, BUREAU DE CHANCE OPERATORS ANDTHE GENERAL PUBLIC
DEVELOPMENTS IN TRE FOREIGN EXCHANGE MARKET: FOREIGNEXCHANGE SALES TO BUREAU DE CHANGE (BDC) OPERATORS BY BANKS
Further to the Circular ref: TED/FEM/GEN/FPC/01/009 dated September 26, 2013 on the above subject, we write to inform ali Authorized Dealers and the generai public that the provisions of paragraph (1) of the circular under reference has been reviewed with immediate effect.
Consequently, the limit of USD250,000.00 as the maximum weekly forex sales to a BDC is hereby removed in order to shore up liquidity in that segment of the foreign exchange market. Authorized Dealers are therefore free to sell forex to BDCs subject to compliance with the provisions of extant AMUFT laws and regulations in the disbursement of forex. Furthermore ali transactions between Authorised Dealers and BDCs as well as the latter and end-users must be supported with appropriate documentation.
In addition, Authorized Dealers and Bureau De Change Operators are to continue to render weekly returns on their transactions to the CBN and other relevant regulatory agencies, failing which appropriate sanctions, including revocation of operating license shall be imposed.
/f-'A BATARIMUSA DIRECTOR
TRADE & EXCHANGE DEPARTMENT
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