Authorized Dealer BDCs
The Authorized Dealer applies to CBN through the WDAS window on Mondays and Wednesdays for a maximum of US$2.0 million. The forex purchased by the Authorized Dealers is disbursed in cash and the BDCs in turn sell to end-users for eligible transactions only, such eligible transactions include: BTA at $5,000 per quarter and $20,000 per annum;
PTA at $4,000 per quarter and $16,000 per annum; and others include:Mortgage monthly payment; School fees abroad; Medical fees abroad; Credit Card payment; Utility bills; and Life Assurance premium payment. On the Trade Transactions, there was further liberalization of export proceeds in the ordinary domiciliary account. The account holder has unfettered access to the repatriated funds.
In an effort to ensure that liberalization get to the small end-users, in April 2006; the CBN operates sales of forex (cash) to BDCs in all the 37 branches across the country.
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