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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