Private BDCs
Each licensed BDC was required, to open a Naira Current Account with an Authorized Dealer of its choice, for the purpose of buying forex. A Bureau-de-Change is allowed to purchase forex from the CBN through a presentation of the CBN cheque issued by their banks twice a week (Tuesdays and Thursdays).The Bureau-de-Change purchase equivalent amount of forex from the CBN up to a maximum limit of US$200,000.00 twice a week.
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Famous quotes containing the word private:
“For it is a fire that, kindling its first embers in the narrow nook of a private bosom, caught from a wandering spark out of another private heart, glows and enlarges until it warms and beams upon multitudes of men and women, upon the universal heart of all, and so lights up the whole world and all nature with its generous flames.”
—Ralph Waldo Emerson (1803–1882)