CBN Denies Issuing Fresh Guidelines on Forex Sale to BDC Operators

Techeconomy — Sat, 19 Aug 2023 05:29:09 +0000

The Central Bank of Nigeria (CBN) has refuted reports that it unveiled a series of fresh operational guidelines for forex sales by Bureau de Change (BDC) operators in the country.

Reports circulating on social media indicate that the apex bank has unbanned the sale of forex to the BDCs more than two years after Godwin Emefiele, the suspended CBN governor, announced the suspension of foreign exchange sales to BDC operators in that segment of the market.

Under the new framework, as speculated, the spread on buying and selling by BDC operators is set to fall within a permissible range of -2.5% to +2.5% of the Nigerian foreign exchange market window’s weighted average rate from the previous day.

But the CBN has come out to deny the report of fresh guidelines, noting that the said document was from its release on February 20, 2017. See the tweet from the CBN:

We would like to bring to your attention that the attached images currently circulating on social media are from an old Press Release dated 20th February 2017 and should be disregarded. pic.twitter.com/kXWZY7cNf7
— Central Bank of Nigeria (@cenbank) August 17, 2023

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CBN Denies Issuing Fresh Guidelines on Forex Sale to BDC Operators