CBN Outlaws Street Trading Of Dollars, Other Foreign Currencies From January 1, 2016

CBN123The Central Bank of Nigeria (CBN) has set out the guidelines for the operations of Bureau de Change (BDCs) operators in the country.

The guidelines, which are contained in the CBN’s latest circular, has prohibited the age-long practice of hawking foreign exchange on the streets, common in Lagos, Abuja, Port-Harcourt and some major northern cities.

Though the circular did not disclose how it intends to deal with hawkers, it stated that from January 1, 2016, street trading of the dollar is “non-permissible” and will be severely punished by the bank.

“Similarly, it shall be a ground for the revocation of licenses should any street trader in foreign currencies be found to have any business relationship with a licensed BDC”, the guideline reads.

The circular, titled “Revised Operational Guidelines for Bureau de Change in Nigeria”, prescribes that for a BDC to be considered valid in 2016, its must meet the financial requirement of maintaining a minimum deposit of N71.45 million with the CBN.

1 Comment

  • Dear sir
    To Whom It May Concern.
    Am aware that the wworkload upon securing the value of our money confidently is what brought about BVN which is also a network of global matter.

    Some of us as technically etr in slight names or date of birth and other lssues which we may considered to be secondarily in the BVN challenges . For this cause prompt account which as no dealing with fraudulent has been blocked. i will not dispute the fact that your security measure is not professional. But I will like your entire leadership to take a quick review on issue like this.
    1. Ask all customers that has names and date of birth to enrol their information on their banks.
    2. Arrange your specialized officers to book date of interviews with the defaults.
    3. Grant processing clearance to rectify errors and forward dates with those complicated..

    This methodology will initiate profitable process than for citizen like me be stranded without hope.

    I felt it was to strict as for human flexibility.

    Thanks and hope to hear from you.

    I have other initiatives to better CBN.

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