Mohammed Shosanya
The Central Bank of Nigeria has clarified the tier-based classification of Bureau De Changes,saying that the new guidelines followed an earlier exposure draft circulated for public input earlier this year, which the bank has now incorporated and posted on its website on Wednesday.
Acting Director of the Corporate Communications Department,Mrs Sidi Ali,who spoke with reporters in Abuja on Thursday, explained that the new guidelines include two tiers of licencing.
The CBN had updated its regulatory guidelines for BDC operations in Nigeria, after consulting with stakeholders.
The mandatory caution deposit of N200m for tier-1 BDC licence holders has been removed.
Similarly, N50m for tier-2 licence holders has also been waived.
She noted that these adjustments aim to streamline BDC operations and enhance financial accessibility. BDCs should take note of these revised guidelines for compliance.
She reiterated the bank’s invitation to interested parties to apply for BDC licences, provided they meet the new guidelines, effective June 3, 2024, while existing BDCs will have a six-month grace period to meet the new requirements.
Ali said the apex bank remained committed to repositioning the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.
