The Central Bank of Nigeria (CBN), has directed Bureau De Changes, BDCs, to sell unutilised foreign exchange (FX) balances to the Nigerian Foreign Exchange Market (NFEM) within twenty-four (24) hours of the expiry of the utilisation period. The apex bank disclosed this in its regulatory guidance on purchase of FX by BDCs through authorized dealer banks in NFEM. According to the apex bank, “BDCs are prohibited from retaining any foreign exchange purchased from the NFEM that remains unutilised beyond the approved period. It warned that any unused balance must be sold back...