BREAKING NEWS: CBN Releases New Rules For Forex Sale - DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
DAILY GIST
No Result
View All Result

BREAKING NEWS: CBN Releases New Rules For Forex Sale

Adam PR by Adam PR
August 18, 2023
in BUSINESS
0
BREAKING: Naira Depreciates To All-Time Low Against Dollar
20.9k
SHARES
20.9k
VIEWS
Share on WhatsAppShare on TwitterShare on Facebook

The Central Bank of Nigeria (CBN) on Friday has released fresh operational mechanisms for the sale of forex by Bureau De Change (BDCs) operators across the country.

This is coming 25 months after Godwin Emefiele, the suspended CBN governor, announced the discontinuance of foreign exchange sales to that segment of the forex market.

The apex bank announced measures to reintroduce Bureau de Change Operators in Nigeria into the foreign exchange market a few days after threatening speculators.

The bank announced its reintroduction in a circular addressed to BDCs and the public titled, ‘Operational Mechanism For Bureau De Change Operations In Nigeria.’

The development is coming amidst efforts for the naira to trade in fair value. The naira had traded around N955 per dollar on Monday before the CBN began the policy that crashed the price to N845 as of Friday.

In the new regime, the CBN said BDCs must submit periodic accounts of the activities through the Financial Institution Forex Rendition System (FIFX).

ALSOREAD

JUST IN: CBN Approves Merger Of 2 Popular Nigerian Banks

CBN Speaks On Introducing New N5,000 and N10,000 Banknotes

BREAKING: Supreme Court Stops Monthly Allocations To Rivers State

JUST IN: CBN Announces New ATM Transaction Fees

BREAKING: CBN Sanctions 9 Banks In Nigeria

The circular reads: “In support of the drive to improve the efficiency of the Nigerian Foreign Exchange Market, the Central Bank of Nigeria hereby announces the underlisted operational mechanism for the Bureau De Change (BDC) segment of the market.

“The spread on buying and selling by BDC Operators shall be within an allowable limit of – 2.5% to +2.5% of the Nigerian Foreign Exchange market window weighted average rate of the previous day.

“Mandatory rendition by BDC Operators of the statutory periodic reports (daily, weekly, monthly, quarterly and yearly) on the Financial Institution Forex Rendition System (FIFX) which has been upgraded to meet individual Operator’s requirements.

“Operators are to note that with effect from the date of this circular, non-rendition of returns would attract sanctions which may include withdrawal of operating license.

Where Operators do not have any transaction within the period, they are expected to render nil returns.”

More details to follow….

FOLLOW US ON SOCIAL MEDIA

TWITTER — https://x.com/dailygistonline

THREADS —https://www.threads.net/@dailygistonline

FACEBOOK — https://m.facebook.com/oauvoices

INSTAGRAM —https://www.instagram.com/dailygistonline/ 

 

FOR ADVERTS, PUBLICATION AND PROMOTIONS, CONTACT DAILY GIST ON WHATSAPP – 09061956151

Share This News

Tags: BDCCBNForex
Previous Post

JUST IN: Nigerian Singer, Wizkid’s Mother Is Dead

Next Post

Green Africa Airways Commences Flights In Nigeria With Just N6,500

Adam PR

Adam PR

AdamPR is a young Blogger, Publisher, Web Designer. For Adverts and Publications, He can be reached on WhatsApp - 09061956151

Related Posts

BREAKING: Dangote Crashes Petrol Price
BUSINESS

Relief For Nigerians As Dangote Refinery Crashes Price Of Cooking Gas

October 7, 2025
BREAKING: Dangote Crashes Petrol Price
BUSINESS

Dangote Refinery Blasted Over Continuous Reduction In Petrol Prices

September 14, 2025
Top 10 States That Borrowed From CBN To Pay Salaries
BUSINESS

JUST IN: CBN Approves Merger Of 2 Popular Nigerian Banks

September 1, 2025
APPLY: FG Rolls Out ₦50,000 Cash Grant For Business Owners Nationwide
BUSINESS

APPLY: FG Rolls Out ₦50,000 Cash Grant For Business Owners Nationwide

August 26, 2025
NNPC Announces Reduction In Petrol Price
BUSINESS

Nigerian Filling Stations Crash Fuel Price To Compete With NNPCL, Others

August 21, 2025
BREAKING: Dangote Crashes Petrol Price
BUSINESS

Dangote Petroleum Refinery Gets New CEO

August 2, 2025
Next Post
Green Africa Airways Commences Flights In Nigeria With Just N6,500

Green Africa Airways Commences Flights In Nigeria With Just N6,500

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NEWS

  • VIDEO: Fairytale Wedding Crashes After Wife Finds $£x Tape Of Best Friend With Hubby

    VIDEO: Fairytale Wedding Crashes After Wife Finds $£x Tape Of Best Friend With Hubby

    25117 shares
    Share 10047 Tweet 6279
  • FULL LIST: 15 Popular Nigerian Celebrities With Leaked Nud£/S£x Videos

    34701 shares
    Share 13880 Tweet 8675
  • VIDEO: Lady Strips Half Nak3d As She Attempts To ‘Fight’ A Man Inside Market

    21820 shares
    Share 8728 Tweet 5455
  • VIDEO: Drama Ensues As Man And Woman Get Stuck During S3xual Interc0urs£

    21946 shares
    Share 8778 Tweet 5487
  • Kashim Shettima Vacates Seat As Vice President Of Nigeria

    21587 shares
    Share 8635 Tweet 5397
  • Nigerian Woman Whose Sex Video With A Married Man Went Viral Speaks

    22321 shares
    Share 8928 Tweet 5580
  • Japa: 10 Frequently Asked Visa Interview Questions And How To Answer Them

    20727 shares
    Share 8291 Tweet 5182
  • VIDEO: Tenant Caught Landlord Red-handed Sl££ping With His Wife & Daughter

    22494 shares
    Share 8998 Tweet 5624
  • Trending Video Of Ritual Being Carried Out For Cheating Lovers Stuck Together During S3x

    23845 shares
    Share 9538 Tweet 5961
  • FG Sends Important Message To CDCFIB Applicants On Shortlisting

    21272 shares
    Share 8509 Tweet 5318

DAILY GIST reports Latest News in Nigeria and aims to keep Nigerians updated and informed with Reports and Informations in the aspect of Education, Politics, Health, Business, Technology, Jobs, Entertainment. etc

  • Home
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
  • DESIGNED BY ADAMPR
  • Privacy Policy

DAILY GIST © 2020 | All Rights Reserved

No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US

DAILY GIST © 2020 | All Rights Reserved