By Daniel Edu
The Central Bank of Nigeria (CBN) has introduced new guidelines for Bureau De Change (BDC) operations, limiting the amount of foreign exchange (FX) that can be sold by BDCs. According to the revised guidelines, BDCs can sell foreign currencies equivalent to $4,000 and $5,000 for personal travel allowance (PTA) or business travel allowance (BTA) to an individual once every six months. The sale must be accompanied by the individual’s bank verification number (BVN) or tax identification number (TIN), a completed e-form, a valid international passport, a valid visa, and a valid international return ticket. Additionally, BDCs may sell up to $5,000 for medical bills once a year and up to $10,000 for school fees once a year. The CBN reserves the right to review the amounts and frequencies for the sale of foreign exchange.
