BREAKING: CBN rolls out fresh measures to tackle forex crisis, slams N2bn licence fee on BDCs

The Central Bank of Nigeria (CBN) has rolled out stringent measures on Bureau De Change (BDCs) as part of measures to tackle the forex crisis in the country.

The naira had hit an all-time low of N2,000 against the dollar as the economic crisis in the country took a worse turn.

The National Security Adviser, Mallam Nuhu Ribadu, had ordered the Economic and Financial Crimes Commission (EFCC), Department of State Services (DSS) and other security agencies to crack down on currency speculators in the forex market.

This had resulted in raids on BDCs nationwide and arrest of some illegal operators.

On Friday, the Financial Policy and Regulation Department of the apex bank, released new set of guidelines to all BDC operators and stakeholders in the financial sectors.

According to the guidelines, the capital required for licence of BDCs in Tier 1 category is N2 billion, while that of Tier 2 is N500 million.

Details later…