The Central Bank of Nigeria has warned Bureau De Change (BDC) operators to ensure regular and timely rendition of statutory returns to avoid sanctions which may include forfeiture of their licenses.
This is part of measures being put in place by the apex bank to improve the efficiency of the Nigerian Foreign Exchange Market.
The warning contained in a circular number TED/FEM/ PUB/ FBC/001/007 dated August 17, 2023, stated categorically thus: “Operators are to note that with effect from the date of this circular, non-rendition of returns would attract sanctions which may include withdrawal of licences”.
The Bank stressed that the renditions are mandatory, adding that, the Financial Institutions Forex Rendition System (FIFX) has been upgraded to meet individual operator’s requirements.
It continued: ” Where operators do not have any transactions within the period, they are expected to render nil returns”.
The circular also stipulated the allowable band of pecentage change in rates which must not be exceeded.
” The spread on buying and selling by BDC operators shall be within an allowable limit of minus 2.5% to plus 2.5% of the Nigerian Foreign Exchange Market window weighted average rate of the previous day.
The circular was signed the bank’s Director of Trade and Exchange, Dr.O.S.Nnaji.