CBN Unveils New Directives for Forex Transactions by BDC Operators

  • Weekly Giveaway for our active users. N50,000 per Week. Do you want to contribute to this community? We are looking for contribution? What is hot right now? Sign up and get in on the ground floor of the newest, fastest growing Nigerian forum!

Amazin Zion

Member
Mar 1, 2023
542
1
18
24
cbn.jpg


It's not up to a week after the apex governor had a closed-door meeting with President Tinubu in the Presidential Villa on ways to stop the naira from devaluation. After the meeting with the President, Mr. Folashodun Shonubi said that speculators of the naira will not be favoured with the policy coming out shortly.

On Friday last week, the CBN launched an FX price verification portal for importers—the directive states that the 'Form M' is now mandatory for everyone who is intending to bring physical goods into the country.

While we are not certain of the exact plans the CBN has in place, we believe that more measures are still coming.

After all these, the Central Bank of Nigeria has released new guidelines for operators of Bureau de Change (BDC) in the country by fixing limits on how they trade in the Foreign Exchange Market.

The circular which was released on Friday night by Dr O.S Nnaji, the Director Trade and Exchange Department to the general public and BDCs operators in the country said the goal of such implementation was to improve the efficiency of the forex market and stop the devaluation of the country's local currency which in return will benefit both BDC operators and the general public.

In the circular, the way BDC operators buy and sell was fixed to an allowable limit of -2.5% to +2.5% of the Nigerian Foreign Exchange Market window weighted average rate of the previous day.

Read more: https://www.investingport.com/cbn-u...ransactions-by-bdc-operators/#google_vignette