CBN Bans Off-market Forex Negotiations, Sets New Rules for BDCs [Video]

• The CBN has declared a ban on conducting foreign exchange transactions outside the officially designated markets
• Licensed Bureau de Change (BDC) operators are authorised to source forex from approved dealers to cater to their customers’ demands
• All forex market participants are expected to uphold the highest standards of ethics and professionalism in their operations

Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the Stock Market.

The Central Bank of Nigeria (CBN) has prohibited the negotiation of exchange rates with customers outside the designated foreign exchange market.

It further mandated that all customer transactions be conducted exclusively with entities properly licensed to operate within the foreign exchange market, in line with their specific licence provisions.

Additionally, Bureau de Change …