The Central Bank of Nigeria (CBN) has introduced new operational guidelines for Buying and Selling Dollars (BDCs), setting weekly purchase limits of $150,000 per bank.

The rules require BDCs to submit KYC documentation, including Tax Identification Numbers (TINs), Corporate Affairs Commission (CAC) certificates, and beneficial ownership details.Banks must verify these documents before disbursing foreign exchange, with penalties for non-compliance.Settlements between banks and BDCs must occur through licensed financial accounts, prohibiting third-party transactions.

Unutilized foreign exchange must be sold back to the market within 24 hours of the utilisation period, with violations leading to sanctions like license suspension or forfeiture of funds.The guidelines also mandate weekly electronic reporting to the CBN, with compliance monitored through on-site and off-site examinations.These measures aim to curb illicit activities and ensure transparency in the foreign exchange market.