NGThe Central Bank of Nigeria (CBN) has issued new regulations requiring Bureau De Changes (BDCs) to sell any unused foreign exchange (FX) balances back to the Nigerian Foreign Exchange Market (NFEM) within 24 hours after the expiration of the utilization period. The directive aims to ensure compliance with FX management policies, prevent hoarding of unused currency, and maintain liquidity in the retail FX market. Failure to adhere to these rules could result in penalties such as the forfeiture of unused funds and suspension of access to the NFEM. Additionally, BDCs must report any leftover balances from the previous week when submitting new FX purchase requests. Authorized Dealer Banks are instructed to consider these reported balances when calculating their weekly FX caps. The CBN emphasized that only licensed BDCs can participate in the program, excluding those under regulatory sanctions or with restricted operations. A centralized tracking system called the FX BDC Purchase Tracker (FXBT) will monitor BDC activities in real time.
Bias read (Center): The article presents a straightforward regulatory update from the Central Bank of Nigeria regarding foreign exchange management. It does not exhibit overtly biased language, nor does it favor one side over another. The content focuses on procedural requirements and enforcement mechanisms without any
