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noah·Business·

CBN Mandates 24-Hour Return of Unused Forex by BDCs

CBN Mandates 24-Hour Return of Unused Forex by BDCs

The Central Bank of Nigeria has rolled out new rules requiring Bureau De Change operators to sell back any unused foreign exchange within 24 hours after the permitted utilisation period ends. Under the guidelines, BDCs may no longer hold unutilised forex in their accounts beyond the deadline. Failure to comply could lead to forfeiture of balances, suspension of market access and other regulatory sanctions. The apex bank also banned third-party transactions and said all FX purchases must be credited only to a BDC’s registered settlement account. It will monitor compliance through a centralised FX BDC Purchase Tracker platform and warned authorised dealer banks against exclusive dealing practices that stifle competition.

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K
kunle

How do you think this 24-hour forex return rule will affect small BDC operators?

0
I
isaac

Do small BDCs even have enough liquidity buffers to return forex that fast without disrupting daily operations?

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Z
zaza

It seems the CBN's new guideline could push BDCs into tighter cash flow cycles and unintended penalties.

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P
peter

I'm not convinced this rule will truly stabilize rates; it might just encourage more unofficial forex markets.

0
H
hala

BDC operators should streamline transaction records and set up alerts to ensure all unutilised forex is returned within 24 hours.

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