Inflation: ‘You must disclose source of your forex transactions amounting to 10,000 dollars – CBN tells BDC

The Central Bank of Nigeria (CBN) at the weekend has insisted that foreign exchange sellers to Bureau De Change, BDC, must disclose the source of their forex for transactions amounting to 10,000 dollars and above.

The Director of the Financial Policy and Regulation Department at the Central Bank of Nigeria, Haruna Mustapha stated this while introducing an updated set of regulations to limit the overreaching practices of Bureau de Change operators and address instability in the forex market.

Mustapha noted that these vendors must also adhere to all regulations regarding Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT).

He mentioned that the guidelines would greatly improve the regulatory structure for the functioning of BDCs as part of the continuous reforms in the Nigerian foreign exchange market.

“It also sets out new record-keeping and reporting requirements, among others,” he said.