The Central Bank of Nigeria (CBN) has announced that it will commence sales of dollars to Bureau de Change (BDC) operators in September.
The bank said the decision will enable travelers to have more access to foreign exchange following the announcement of the resumption of international flight.
In a circular to all authorized dealers, BDC operators, and general public, the apex bank said the purchase of foreign exchange by BDCs shall be on Mondays and Wednesdays in the first instance.
The circular signed by Director Trade and Exchange Department, CBN, O.S Nnaji stated:” As part of efforts to enhance accessibility to foreign exchange particularly to travelers following the announcement of the limited resumption of international flights by the Honourable Minister of Aviation commencing with Abuja and Lagos, the CBN hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from August 31, 2020.
“Consequently, the purchase of foreign exchange shall be on Mondays and Wednesdays in the first instance. The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent Naira proceeds on Fridays and Tuesdays accordingly “
Meanwhile, CBN said Authorised Dealers (banks) shall continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, air ticket & Visa).
“All Authorised Dealers and BDC Operators are hereby advised to ensure strict compliance with the provisions of the extant regulations on the disbursement of foreign exchange cash to travelers as any case of infraction will be appropriately sanctioned,” the bank said.