The Central Bank of Nigeria (CBN) has released guidelines for the sale of foreign exchange (Forex) by Bureau De Change (BDC) operators within the country.

The guidelines require that sellers of $10,000 and above to  BDCs will have to declare the  source of foreign exchange.

CBN also said the minimum capital requirement for tier 1 BDCs is N2 billion and N500 million for tier 2 BDCs, from N35 million previously set for all BDCs.

The apex bank, in the document released on Friday, February 23, disclosed that the guidelines revise the permissible activities, licensing requirements, corporate governance and anti-money laundering/combating the financing of terrorism (AML/CFT) provisions for BDCs.

The draft guidelines also proposed a  significant enhancement to  the regulatory framework for the operations of Bureau De Change as part of ongoing reforms of the Nigerian foreign exchange market.