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Business - Economy Updated: May 23, 2024

Re-apply for new licences - CBN orders BDCs

By Felicia Abisola Olamiji
May 23, 2024
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The Central Bank of Nigeria has directed all existing Bureau De Change Operators to re-apply for new licences in their preferred category.

This was announced on Wednesday in a circular issued by the apex bank which was signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa.

The Regulatory and Supervisory Guidelines for BDC Operations take effect from June 3, 2024.

The circular partly read, “As part of reforms to re-position the Bureau De Change (BDC) sub-sector to play its envisioned role in the foreign exchange market in Nigeria, the Central Bank of Nigeria (CBN) issued the Draft Operational Guidelines for BDC Operations in Nigeria in February 2024, for stakeholder comments/inputs.

“Following the conclusion of the stakeholder consultations and in the exercise of the powers conferred on it by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN hereby issues the attached Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria 2024 for compliance by all operators and promoters of proposed BDCs in Nigeria.

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“The guidelines, amongst others, introduce new licensing requirements and categories of BDCs as well as revise the permissible activities, financial requirements, corporate governance requirements and AML/CFT/CPF provisions for BDCs.

“All existing BDCs shall: Re-apply for a new license according to any of the Tiers or license categories of their choice as provided in the Guidelines.

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Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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