BDC operators to apply for new licences – CBN

The Central Bank of Nigeria (CBN) has directed Bureau De Change (BDC) Operators to re-apply for new licences in their preferred category.

This was confirmed in a circular on Wednesday, which was issued by the apex bank which was signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa.

The BDCs were also required to meet the capital requirements for their licence category within six months.

The CBN has also updated its regulatory guidelines for Bureau De Change operator in Nigeria. After consulting with stakeholders, the following changes were made:

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.

The non-refundable annual licence renewal fee has been withdrawn.

Previously, tier-1 BDCs paid N5m, while tier-2 BDCs paid N1m for renewal.