Business

CBN plans to bar BDCs from street trading, limits cash forex purchase to $500 

The Central Bank of Nigeria (CBN) is considering banning Bureau De Change (BDC) operators from street trading and limiting the cash payment for selling FX to a maximum of $500.  


The apex bank disclosed this in its proposed revised regulatory guidelines for BDC operators in Nigeria published by the bank.  


According to the bank, permissible activities by BDCs include acquisition of forex from approved sources, sales of FX in line with its guidelines, serve as cashout points for IMTOs etc.