CBN Bans Hawking Of Foreign Exchange On The Streets From January 1, 2016

The Central Bank of Nigeria (CBN), in its latest circular which sets out the new guidelines for the operations of Bureaux de Change (BDCs) operators, has said that hawking of foreign exchange on the streets, common in Lagos, Abuja, and Port-Harcourt, and which has endured for over three decades, surviving civilian and military administrations, will no longer be accommodated.

Though the circular did not outline how it will deal with hawkers, it stated that from January 1, 2016, street trading of the dollar is “non-permissible” and will be severely punished by the bank.

“Similarly, it shall be a ground for the revocation of licences should any street trader in foreign currencies be found to have any business relationship with a licenced BDC,” the guideline reads.

The circular, titled “Revised Operational Guidelines for Bureaux de Change in Nigeria,” prescribes that for a BDC to be considered valid in 2016, its must meet the financial requirement of depositing N71.45 million with the CBN.