CBN Issues New Guidelines For Bureau De Change Operators, Orders Them To Re-apply For New Licenses

The Central Bank of Nigeria (CBN) has directed all existing Bureau de Change operators in Nigeria to re-apply for new licences.

The directive was issued in a circular on Wednesday signed by the CBN Director, Financial Policy and Regulation Department, Haruna B. Mustafa.

The circular outlines new regulatory and supervisory guidelines for the operations of Bureau de Change in Nigeria.

The CBN ordered all existing BDCs to re-apply for a new license according to any of the tier or license category of their choice as provided in the guidelines.

The apex bank also said the BDCs must meet the minimum capital requirements for the license category applied for within six (6) months from the effective date of the guidelines.

In the case of applicants for new BDC licenses, they are required to meet the conditions for the grant of license in accordance with the tier or category of BDC chosen as stipulated in the guidelines.

The circular, directed to all Bureau De Change operators and stakeholders in the financial services industry, stated that the fresh directive is part of reforms to reposition the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.

The CBN noted that the new guidelines take effect from June 3, 2024.