CBN to stop BDCs from selling FX to businesses, financing political parties

The Central Bank of Nigeria released on Friday a draft revised guidelines for Bureau de Change operations that include the stoppage of foreign exchange sales to non-individuals, except for business travel allowance, and financing of political activities.

The proposed revision to the rules guiding the activities of BDCs comes amid the severe FX shortage in the country that has led to a steep fall in the value of the naira against leading currencies. 

The central bank said BDC operators would not also be permitted to carry out international outward transfers and engage in offshore business or maintain foreign correspondent relationships with any foreign establishment.