By Elizabeth Adegbesan
The Central Bank of Nigeria, CBN, has directed Bureau De Changes, BDCs, to sell unutilized foreign exchange, FX, balances to the Nigerian Foreign Exchange, NFEM, market within twenty-four (24) hours of the expiry of the utilisation period.
The apex bank disclosed this in its regulatory guidance on purchase of FX by BDCs through authorized dealer banks in NFEM.
CBN said: “BDCs are not permitted to retain in their positions any foreign exchange purchased from the NFEM that remains unutilised. All unutilised balances shall be sold back to the NFEM market within twenty-four (24) hours of the expiry of the utilisation period.
“Failure to comply shall attract regulatory sanctions including but not limited to forfeiture of the unutilised balance and suspension of the BDC’s NFEM access,
