Forex crisis: CBN announces new operational guideline to Bureau De Change Operators

The Central Bank of Nigeria has released a series of operational changes to Bureau De Change operations amid the forex crisis.

The apex bank disclosed this on Friday in a newly outlined measures to curtail BDCs operations in Nigeria and boost efficiency.

Under the new framework, BDC operators’ expectation of buying and selling falls within a permissible range of -2.5% to +2.5% of the Nigerian Foreign Exchange market window’s weighted average rate from the previous day.

According to the apex bank, the move is expected to provide more stability and transparency to exchange rate fluctuations, ultimately benefiting BDC operators and the general public.

News recalls that the Acting Governor of CBN, Folashodun Shonubi, had threatened that the regulator would come up with a policy to checkmate forex speculators.