The Central Bank of Nigeria (CBN) has announced an additional guidelines for Bureau De Change operators in a bid to improve efficiency of the Nigerian Foreign Exchange Market.
The operational mechanism, contained in a circular dated August 17, and signed by O.S Nnaji, the director, exchange department CBN, stated that the spread on buying and selling by BDC operators will be within an allowable limit of -2.5 percent to +2.5 percent of the Nigerian Foreign Exchange market window weighted average rate of tne previous day.
The CBN also ordered a mandatory rendition by BDC operators of the statutory periodic reports (daily, weekly, monthly, quarterly and yearly) on the Financial Institution Form Rendition System (FIFX) which it said has been upgraded to meet indivudual operators requirements.
The Bank warned that non-rendition of returns would attract sanctions which may include withorawal of operating license with effect from the date of the circular.
“Where Operators do not have any transaction within the period, they are expected to render nil returns. Please be guided accordingly and ensure compliance”, the circular read.