CBN directs banks to sell forex to BDCs

By -
The Central Bank of Nigeria has directed agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators.


The directive is in a circular with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016 and posted on its Website’’.

The circular by the Acting Director, Trade and Exchange Department, Mr W.D. Gotring, is part of efforts to ensure the stability of the Naira exchange rate.

It also said that the decision was to encourage all critical stakeholders to participate in the foreign exchange market.

The circular said that all international money transfer operators would be required to remit foreign currency to agent banks for disbursement in Naira to beneficiaries.

It stressed that proceeds from the international money transfer sold to the BDC operators should be retailed to end users in compliance with the provisions of anti-money laundering laws.

It also said that the process should be in observance of appropriate Know Your Customer (KYC) principles, including the use of Bank Verification Number (BVN).

The circular said: “Furthermore, authorised dealers and BDCs are required to render returns of the operation daily and monthly to the Director, Trade and Exchange, CBN via e-FASS application, in accordance with extant regulation.

“For the avoidance of doubt, failure by any authorised dealers and BDC operators to render returns as and when due shall attract appropriate sanctions, including withdrawal of dealership’’.

Comments

Post a Comment

Popular posts from this blog

Girl Who Escaped Opens Up: Boko Haram Rapés Us Up To 15 Times Everyday

By -
Image
As you read this, the over 200 female students abducted on April 14 from Government Girls School,Chibok, in Borno State are passing through hard times, with some of them being rapéd for as much as 15 times a day. One of the abducted girls who managed to escape made this shocking revelations. According Daily Mirror, “Families of the schoolgirls, aged between 15 to 18, are certain their daughters are now being used as séx slaves by an extreme sect that has killed 1,500 people since the start of this year alone. They are captives in the wild Sambisa Forest in north-east Nigeria where Boko Haram has a heavily armed camp of bunkers, tunnels, ramshackle buildings and tents.  “ One girl who recently escaped following an earlier kidnapping said she was prized as a terror leader’s wife because she had been a virgin . She said young female captives were raped up to 15 times a day, forced to convert to Islam and had their throats cut if they refused.” Daily Mirror said th...
Read more

Mushin Violence: Serial Killer, Others Arrested By The Police

By -
Image
Toba and Muda The Lagos State Police Command has arrested alleged serial killer, Adigun Oriyomi, aka Muda, after five months of being on the run. The command also arrested two others, including the alleged gang leader in the Fadeyi area of the state, Toba Ajiboye. PUNCH Metro had reported that Muda was arrested last year for murder and was charged to court and remanded, but was later released. After his release, Muda was said to have gone after those who wrote statements against him at the police station and was said to be involved in about four more murders, including that of a pregnant woman and her three-year-old child in the Akala area of Mushin.
Read more

HISTORY: THE STORY OF PROPHET EDWARD OKEKE (a.k.a Eddie Nogu, Okara mmadu Okara Mmuo) #BBNaija

By -
Image
E ddie "Nawgu" Okeke's alias was "Alusi N'eje Uka" this when translated to the English language means "The Diety Who Goes To Church". Prophet Edward Okeke (a.k.a Eddie Na Nogwu)was a Nigerian self-Proclaimed "Prophet of God" and Occult Practitioner. He was popularly known in the mid-1990s as "Eddy Nawgu" amongst the igbo speaking People. His nickname "Nawgu" came about because he was from the Nawgu community, a town situated in Dunukofia Local Government Area of Anambra State, Nigeria. He was a legend in the Word of crime in Anambra State, Nigeria. he committed so many atrocities during his life time. Rumor even has it that,he 'buried alive' able bodied young men/women (human beings) inorder to do his foundation in his house and around his fence.Although he was later Killed by the Bakasi boys and his house and church were burnt down. Let us look at his Tale empirically. Early life of Edward Okeke...
Read more