May 22, (THEWILL) – The Central Bank of Nigeria (CBN) has directed all Bureau de Change operators (BDCs) in the country to reapply for new operational licences by June 3, 2024, in order to continue to operate in the forex market.
The apex bank, in a circular signed by its Director, Financial Policy and Regulation Department, Haruna Mustafa, also mandated the BDCs to meet the new deadline of N2 billion for tier 1 and N500 million for tier 2 operators.
The directives are part of guidelines aimed to re-position the BDC to play its role in the foreign exchange market in Nigeria.
“All existing BDCs shall re-apply for a new licence according to any of the Tiers or licence category of their choice as provided in the Guidelines.
“Meet the minimum capital requirements for the licence category applied for within six months from the effective date of the Guidelines.
“Applicants for new BDC licences are required to meet the conditions for the grant of licence in accordance with the Tier or category of BDC chosen as stipulated in the Guidelines.
“BDC operators are to submit the name of promoter, name of the proposed BDC, E-mail address of the promoter and phone number of the promoter,” the circular read.
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