CBN clarifies new licensing requirements for Bureau de Change operators
The Central Bank of Nigeria (CBN) has provided additional information regarding the revised licensing criteria for Bureau de Change (BDC) operators.
The updated guidelines, which have taken into account input from previous public consultations, were officially released on the CBN website on Wednesday, May 22nd, 2024.
Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department, explained that the new guidelines establish a two-tier licensing structure for BDCs, known as Tier 1 and Tier 2.
The CBN is now accepting applications for new BDC licenses from interested parties, provided they meet the qualifications outlined in the revised guidelines.
The application and compliance process for existing BDCs will commence on June 3rd, 2024.
Existing BDCs have been granted a six-month grace period to align their operations with the new requirements, ensuring a smooth transition to the updated regulatory framework.
Mrs Sidi Ali emphasized the CBN’s commitment to fortifying the BDC sector, aiming to enhance its role and impact in Nigeria’s foreign exchange market.
She assured existing BDCs of a six-month grace period to comply with the new requirements.
According to her, this grace period allows them to adjust their operations to meet the new standards.
The CBN, she noted, remains dedicated to strengthening the BDC sector.
She added that the new guidelines aim to ensure that BDCs play a more significant and positive role in Nigeria’s foreign exchange market.
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