The Central Bank of Nigeria (CBN) has given a lifeline to Bureau De Change (BDC) operators by allowing them buy forex from international money transfer operators. In a circular dated 22 July 2016 titled ‘Sale of Foreign Currency Proceeds of International Money Transfer Operators’, the CBN said the BDCs can access forex from international money operators. They were previously not allowed by CBN regulations.
It read: “Authorised Dealers who are agents to approved international money transfer operators are hereby directed to sell foreign currency accruing from inward money remittances to licensed BDCs with effect from date of this circular.”

“It should be noted that all international money transfer operators are required to remit foreign currency to the agent banks for disbursement in naira to the beneficiaries while the foreign currency proceeds shall be sold to BDCs,” it said, adding that foreign currency proceeds of international money transfers sold to BDCs shall be retailed to end-users in compliance with anti-money laundry laws and KYC requirements.