The Central Bank of Nigeria (CBN) has announced new requirements for Bureau de Change (BDC) operators. These new changes require Bureau de Change operators in Nigeria to reapply for new licenses based on the provided Guidelines.
BDCs must also meet the capital requirements for their licence category within six months. There are now two levels of BDC licenses. Tier 1 BDCs need a minimum capital of N2 billion, while Tier 2 BDCs need N500 million. All BDCs must have this minimum amount of money in their business to qualify for a license.
Also, the CBN has made the application process more affordable by removing some fees. Previously, BDCs had to pay a deposit depending on their tier, but this is no longer required.
The CBN emphasised that these changes were designed to strengthen the BDC sector and ensure it plays a more positive role in Nigeria’s foreign exchange market.
On Wednesday, the apex bank gave the directive in a circular issued by its Director of Financial Policy and Regulation Department, Haruna Mustafa.
