he Central Bank of Nigeria (CBN) has ordered all authorised foreign
exchange dealers in the country to credit the accounts of beneficiaries
of repatriated foreign exchange within 24 hours.
The CBN said the new directive, which takes effect from June 1, would attract appropriate penalties for any failure to comply with the directive.
In circular it posted online last week, the CBN said that forex dealers should ensure that all repatriated or unutilised foreign exchange have the Retail Dutch Auction System (RDAS)number, date and bank’s name on the SWIFT message for easy identification and processing.
The circular, which was signed by the director, Banking and Payments Department of CBN, Dipo Fatokun, said that all payments will be made in bulk and details of the payments should be submitted to the CBN head office Abuja.
CBN had a few months ago withdrawn the operating licences of more than 75 Bureau de Change dealers for contravening the forex guidelines.
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