Haruna Mustapha, Director, Financial Policy and Regulation Department of the CBN, said this in a revised regulatory framework to curtail excesses of BDCs and check uncertainty in the foreign exchange market.

Mustapha said that such sellers would also be required to comply with all Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulations.

The guidelines also specifies that no person shall carry on the business of BDC in Nigeria except with the prior authorisation of the CBN.

The apex bank had last on Friday, slashed the exchange rate for computing Customs duties at the nation’s seaports by 7.3 per cent.