The Central Bank of Nigeria (CBN) has placed limits on the foreign exchange (FX) sales by Bureau De Change (BDC) operators.
The apex disclosed the directive on February 23, 2024, in a document titled ‘Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria’.
According to the circular, BDCs may sell foreign currency in the equivalent of $4,000 and $5,000 for personal travel allowance (PTA) or business travel allowance (BTA), respectively, to an individual once every six months.
CBN said sale of foreign currencies to the intending travellers would have to be accompanied with their bank verification number (BVN) or tax identification number (TIN), duly completed e-form, valid international passport, valid visa, as well as valid international return ticket.
In addition, for BTA, the apex bank said letter of request from the corporate body stating the purpose of the visit addressed to the processing BDC, as well as certificate of the business registration or incorporation, must be submitted by customers.
Also, the CBN mandated that letter of invitation from the customer’s overseas business partner and tax clearance certificate, be presented by the customers.
“The amount of foreign currency sold and date of sale shall be endorsed on the passport. A photocopy of the documents, forex endorsement page and sales receipt shall be filed in a sequential order by the BDC,” CBN said.
