The Central Bank of Nigeria has updated its regulatory guidelines for Bureau De Change operators in the country.
This came after a stakeholders between the apex bank and the Bureau De Change operators where the following decisions by were taken.
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The non-refundable annual licence renewal fee has been withdrawn.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.
The bank noted that these adjustments aim to streamline BDC operations and enhance financial accessibility.
The Director, Financial Policy and Regulation Department at the apex bank, Haruna Mustafa disclosed this in a circular uploaded to the bank’s website.
Mustafa stated that existing BDCs must re-apply for a new licence based on their preferred tier or licence category as outlined in the guidelines.
New BDC licence applicants must meet the conditions specified for their chosen BDC category.
Existing BDCs must meet the minimum capital requirements for their selected licence category within six months from the effective date of the guidelines.
The guidelines also revised permissible activities for BDCs, ensuring alignment with market needs and regulatory standards.
Mustafa noted that the BDCs are expected to adhere to corporate governance requirements and anti-money laundering, counter-terrorism financing, and counter-proliferation financing provisions.
The bank added that receipt and processing of license applications will begin from the effective date of the guideline.
It said that interested applicants should submit the following information electronically to bdclicense@cbn.gov.ng: Name of the promoter, Name of the proposed BDC, E-mail address of the promoter, Phone number of the promoter
These guidelines replace the Revised Operational Guidelines for Bureau De Change in Nigeria issued in November 2015 and all related circulars and directives.
