The Central Bank of Nigeria on Wednesday
said from November 1, 2015, prospective buyers of foreign currencies
must show their Bank Verification Numbers to banks and Bureau De Change
operators before they would be allowed to buy them.
The Director, Financial Policy and Regulation, CBN, Kevin Amogu, stated this in a circular posted on the bank’s website.
He said the development would allow the CBN to plug leakage of foreign exchange out of the country.
The circular read in part, “In
continuation of efforts to stabilise the forex market, stem the rampant
cases of forex leakages and illicit money transfers out of the country,
the use of Bank Verification Number for all forex transactions shall
come into effect from November 1, 2015.
“All banks and licensed BDCs operating
in Nigeria as well as the general public are, therefore, put on notice
that with effect from November 1, 2015, all customers desiring to
purchase forex through all available channels in Nigeria must provide
their BVN, which shall be validated by the CBN authorised forex dealer
through the Nigerian Interbank Settlement System platform before the
transactions are consummated.”
It added, “For the avoidance of doubt,
the CBN shall from November 1, 2015, discontinue sale of forex to the
BDCs that have not availed it the BVN of all its directors.
“Any authorised forex dealer that fails
to provide the required information in its returns or provides a wrong
BVN would be penalised and this may include the termination of the forex
dealership authorisation.”
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