The Central Bank of Nigeria (CBN) has announced a number of operational modifications for the Bureau De Change (BDC) segment in an effort to increase the effectiveness of the Nigerian Foreign Exchange Market.
The apex bank in a statement, which was released on August 17, 2023, details steps to improve and streamline the operations of BDCs.
The spread on purchases and sales made by BDC operators are expected to fall within the new framework’s allowable range of -2.5% to +2.5% of the weighted average rate of the Nigerian Foreign Exchange Market Window from the previous day.
