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Nigeria issues forex buying rate warning

Xinhua, August 10, 2016 Adjust font size:

The Nigerian government on Tuesday directed Bureau De Change (BDCs) operators not to sell foreign exchange above two percent margin of the buying rate.

The government, through the Central Bank of Nigeria (CBN), also directed authorized dealers not to sell foreign exchange to any BDC more than a maximum of 30, 000 U.S. dollars per week.

In a statement made available to Xinhua in Lagos, the apex bank said a BDC shall nominate its preferred dealer or a bank to procure the said amount from only that bank in a week.

It added that the selling rate by the dealer to BDCs should be the buying rate from International Money Transfer Operators (IMTO) plus a margin not exceeding 1.5 percent.

The statement also said that funds purchased by BDCs should be eligible for Business Travel Allowance, Personal Travel Allowance, Oversees School Fees and Oversees Medical Fees.

The statement warned that any BDC, which violates the above directives, would be punished accordingly. Enditem