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CBN orders BDCs operators not to sell above $10,000
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…if you do, you must give account of your source
The Central Bank of Nigeria, CBN has ordered foreign exchange sellers to Bureau De Change (BDC) of the equivalent of 10,000 dollars and above to declare their forex sources.
Haruna Mustapha, Director, Financial Policy and Regulation Department of the CBN, said this in a revised regulatory framework to curtail excesses of BDCs and check uncertainty in the foreign exchange market.
Mustapha said that such sellers would also be required to comply with all Anti-Money Laundering/Combating the Financing of Terrorism ( AML/CFT) regulations.
said that the guidelines would significantly enhance the regulatory framework for the operations of BDCs as part of ongoing reforms of the Nigerian foreign exchange market.
According to him, the guidelines revises the permissible activities, licensing requirements, corporate governance and AML/CFT provisions for BDCs.
It also sets out new record-keeping and reporting requirements, among others,” he said.
The News Agency of Nigeria (NAN) reports that the guidelines also specifies that no person shall carry on the business of BDC in Nigeria except with the prior authorisation of the CBN.
It described BDC as a company licensed by the CBN to carry on only retail foreign exchange
business in Nigeria.
It banned commercial, merchant, non-interest and payment service banks, Other Financial Institutions (OFIs), including holding companies and payment service providers from promoting BDCs.
It also precluded serving staff of financial services regulatory and supervisory agencies, serving staff of regulated financial services providers, governments at all levels, among others, from promoting BDCs.
The guidelines permitted BDCs to acquire foreign currency from authorised sources like tourists, returnees from the diaspora and expatriates with foreign exchange inflows from work, travel, investment or their domiciliary accounts.
Other permissible sources are International Money Transfer Operators (IMTOs), embassies, hotels that are authorised buyers of foreign currencies, the Nigerian Foreign Exchange Market (NFEM) and any other source that the CBN may specify.
News
Finally, IGP approves hunger protests across Nigeria
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The Nigerian police has finally approved the planned nationwide protests and outlined conditions for participants.
The Inspector General of Police, Kayode Egbetokun, revealed this on Friday while addressing journalists in Abuja.
He urged all groups planning to participate in the proposed nationwide protest to submit their details to the Commissioners of Police in their respective states.
The police boss said this was to ensure the protest was peaceful.
Egbetokun said, “We acknowledge the constitutional right of Nigerian citizens to peaceful assembly and protest.
“However, in the interest of public safety and order, we urge all groups planning to protest to provide necessary details to the Commissioner of Police in the state where the protest is intended to take place.
“To facilitate a successful and incident-free protest, they should please provide the following information: state the proposed protest routes and assembly points; expected duration of the protest; and names and contact details of protest leaders and organisers.”
The police boss said the information expected from the organisers also include measures to prevent hijacking by criminal elements, as well as key identifiers for possible isolation of potential troublemakers.
By providing the information, he said, the police will be able to deploy adequate personnel and resources to ensure public safety.
He said the police needed to know the specific routes and areas for the protest to avoid conflicts with other events or activities.
Mr Egbetokun said the police will “establish clear communication channels with protest leaders to address any concerns or issues that may arise; minimise the risk of violence, property damage, or other criminal activity.
“We encourage all protesters to cooperate with the police, obey the law, and adhere to global best practices for peaceful assembly to guarantee a safe and successful exercise of their rights.
News
Reps North-West Caucus Beg Youths, Citizens In The Region Not To Join Planned Protest
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News
Reps Applaud FCT Minister, Wike On AICL Improved Revenue, Infrastructure
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