The Central Bank of Nigeria (CBN) has issued new guidelines to regulate the activities of Bureau de Change (BDC) operators.
According to the new circular released recently, the minimum capital base for Tier-1 BDCs is N2bn while that of Tier-1 is set at N500m. Also, the mandatory caution deposit of N200m for tier-1 BDC licence holders was removed while the N50m for tier-2 licence holders was waived.
The Director of Financial Policy and Regulation, Haruna Mustafa, said the approved guidelines take effect from June 3, 2024.
CBN directed existing BDCs to reapply for new licenses and meet the minimum capital requirements for the license category applied for within six months from June 3, 2024.