CBN MANDATES FX SELLERS TO DECLARE ASSETS

The Central Bank of Nigeria has said that foreign exchange sellers to Bureau De Change of the equivalent of 10,000 dollars and above are required to declare their forex sources.
The apex bank stated this in a revised regulatory framework to curtail excesses of BDCs and check uncertainty in the foreign exchange market which it published on Friday.

According to the CBN, sellers would also be required to comply with all Anti-Money Laundering/Combating the Financing of Terrorism ( AML/CFT) regulations and and foreign exchange laws and regulations.

The CBN noted that the guidelines would significantly enhance the regulatory framework for the operations of BDCs as part of ongoing reforms of the Nigerian foreign exchange market.

The apex bank also stated that the guidelines revises the permissible activities, licensing requirements, corporate governance and AML/CFT provisions for BDCs.