The Central Bank of Nigeria (CBN) has placed limits on the foreign exchange (FX) sales by Bureau De Change (BDC) operators.
The apex disclosed the directive on February 23, 2024, in a
document titled ‘Revised Regulatory and Supervisory Guidelines for Bureau De
Change Operations in Nigeria’.
According to the circular, BDCs may sell foreign currency in
the equivalent of $4,000 and $5,000 for personal travel allowance (PTA) or
business travel allowance (BTA), respectively, to an individual once every six
months.
CBN said sale of foreign currencies to the intending
travellers would have to be accompanied with their bank verification number
(BVN) or tax identification number (TIN), duly completed e-form, valid international
passport, valid visa, as well as valid international return ticket.
In addition, for BTA, the apex bank said letter of request
from the corporate body stating the purpose of the visit addressed to the
processing BDC, as well as certificate of the business registration or
incorporation, must be submitted by customers.
Also, the CBN mandated that letter of invitation from the
customer’s overseas business partner and tax clearance certificate, be
presented by the customers.
“The amount of foreign currency sold and date of sale shall
be endorsed on the passport. A photocopy of the documents, forex endorsement
page and sales receipt shall be filed in a sequential order by the BDC,” CBN
said.
‘$5,000 FOR MEDICAL BILLS’
CBN also said BDCs may sell foreign currency up to the
equivalent of $5,000 to a customer for medical bills once a year.
Such bill, CBN said, shall be transferred from the BDC’s
domiciliary account with a Nigerian bank.
“It shall be paid directly to the hospital and supported by
valid visa, duly completed e-Form A, letter of reference from a specialist
doctor, or a specialist hospital in Nigeria, and valid international passport,”
the apex bank said.
Other necessary documents listed by the financial regulator
include valid air ticket, and letter issued by the overseas specialist doctor
stating the cost of treatment.
According to the apex bank, BDCs may sell foreign currency
up to the equivalent of $10,000 to a customer for school fees once a year.
“Such fee, which shall be transferred from the BDC’s
domiciliary account with a Nigerian bank, shall be paid directly to the school
and supported by the following documents: duly completed e-Form A, evidence of
admission/course programme, valid air ticket, and letter issued by the overseas
specialist doctor stating the cost of treatment, and school bill/invoice,” CBN
said.
“For post-graduate studies, photocopy of first degree
certificate or its equivalent/certified true copy of statement of result by the
awarding institution.
“The CBN may review
the amounts and frequencies for sale of foreign exchange from time to time.”
A beneficiary of foreign currency sale may receive up to 25
percent of the foreign currency in cash, according to the CBN, and the
remaining 75 percent shall be transferred to the customer electronically (to
the customer’s Nigerian domiciliary account or prepaid travel card).
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