CBN Gives New Order to Foreign Exchange Dealers

In a circular dated May 26, the Central Bank of Nigeria has ordered all authorized foreign exchange dealers to credit the accounts of beneficiaries of repatriated foreign exchange within 24 hours.

The CBN informed the dealers that failure to abide by the directive would attract a harsh penalty as the new order takes effect from June.

Dealers are instructed by the CBN to make certain that all repatriated or unutilized foreign exchange must have the Retail Dutch Auction System number, date and bank’s name on the advice message.

‘’This is to inform all authorized dealers that from June 1, 2014, all payments for repatriated foreign exchange/utilized Retail Dutch Auction System will now be paid in bulk and the dealers shall in turn credit the beneficiaries’ accounts within 24 hours’’ the circular read.

‘’A copy of schedule showing details of bulk payment shall be collected by the authorized dealers at the CBN office. Authorized dealers are to ensure that all repatriated/unutilized foreign exchange advice must have the RDAS number, date and bank’s name on the SWIFT message , for easy identification and processing’’ said the CBN.