CBN directs BDCs to sell unutilized FX to NFEM

By Elizabeth AdegbesanThe Central Bank of Nigeria, CBN, has directed Bureau De Changes, BDCs, to sell unutilized foreign exchange, FX, balances to the Nigerian Foreign Exchange, NFEM, market within twenty-four (24) hours of the expiry of the utilisation period.The apex bank disclosed this in its regulatory guidance on purchase of FX by BDCs through authorized dealer banks in NFEM.CBN said: “BDCs are not permitted to retain in their positions any foreign exchange purchased from the NFEM th