The new CBN Exchange Directive

The circular said, "further more that the authorised dealers and BDC are required to render returns of the operation daily and monthly to the Director Trade and Exchange, CBN via e-FASS application, in accordance with exchange regulations. "For the avoidance of doubt, failure by any authorised dealers and BDC render returns as and when due shall attract appropriate sanctions, including withdrawal of dealership. News source. NAN.
The central bank of Nigeria ( CBN ) has directed agent banks to approve the international money transfer operators to sell foreign currency accruing from inward remittances to license Bureau DE change operators ( BDC ). 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 the efforts to ensure the stability of the Naira exchange rate. It also said that the decision is to encourage all critical stakeholders to participate in exchange market. The circular said that all international money transfer would be required to remit foreign currency to agent banks to disbursement in Naira for beneficiaries. It also said that the process should be in observance appropriate Know Your Customers (KYC) principles, including the use of bank verification number ( bvn)