The Central Bank of Nigeria (CBN) has introduced fresh operational guidelines for foreign exchange sales by Bureau de Change (BDC) operators in the country.
This follows a clamp down placed on BDC from operating in that segment of the market more than two years ago.
In the new arrangement, the spread on buying and selling by BDC operators is set to fall within a permissible range of -2.5% to +2.5% of the Nigerian foreign exchange market window’s weighted average rate from the previous day.
This objective is to reduce volatility and encourage transparency to foreign exchange transactions for the good of operators and the general public.
The CBN has also issued an advisory note on the illegal activities of financial operators in the country in an effort to guide the general public against falling victim to Ponzi scheme operators and loan sharks.
The bank urged the public to avoid dealing with unlicensed and illegal financial operators who lure and defraud unsuspecting members of the public by offering extraordinary returns on investments.