• CBN directs banks to sell forex to Bureau De Change operators

    CBN directs banks to sell forex to Bureau De Change operators

    The Central Bank of Nigeria (CBN) has directed agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licensed Bureau De Change operators (BDCs).

    The directive is in a circular with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016 and posted on its Website’’.

    The circular by the Acting Director, Trade and Exchange Department, Mr W.D. Gotring, is part of efforts to ensure the stability of the Naira exchange rate.

    It also said that the […]