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LequteMan
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The Central Bank of Nigeria in a bid to tighten regulation and curb speculation on the naira has revised the rules for bureaux de change operators.
The apex bank on Friday issued a circular, which will come into effect in January. It orders retail money exchanges to deposit a mandatory cautionary deposit of 35 million naira in an account with the central bank, in addition to a minimum capital requirement of 35 million naira.
The new guideline is the latest measure which has cramped dollar demand and the banking sector.
The banking regulator restricted bureaux de change agents to one branch operations, whose license will be renewed yearly and gave those operating with branches 90 days to close them.
The central bank said bureaux de change agents, which account for less than five percent of total dollar trades in Nigeria, can obtain dollars from private sources including its window to fund travel allowance of up to $5,000.
But it added that individuals wishing to sell more than $10,000 shall be required to disclose their source.
Reuters
The apex bank on Friday issued a circular, which will come into effect in January. It orders retail money exchanges to deposit a mandatory cautionary deposit of 35 million naira in an account with the central bank, in addition to a minimum capital requirement of 35 million naira.
The new guideline is the latest measure which has cramped dollar demand and the banking sector.
The banking regulator restricted bureaux de change agents to one branch operations, whose license will be renewed yearly and gave those operating with branches 90 days to close them.
The central bank said bureaux de change agents, which account for less than five percent of total dollar trades in Nigeria, can obtain dollars from private sources including its window to fund travel allowance of up to $5,000.
But it added that individuals wishing to sell more than $10,000 shall be required to disclose their source.
Reuters
