CBN orders BDCs to re-apply for new licences

CBN orders BDCs to re-apply for new licences

Nike Popoola

The Central Bank of Nigeria has ordered the Bureau De Change operators to re-apply for a new licences in its new guidelines.

It said this in a circular to all Bureau De Change operators and stakeholders in the financial services industry, titled, ‘Regulatory and supervisory guidelines for bureau de change operations in Nigeria’, released on Thursday.

The guidelines which will take effect from June 3, 2024, was signed by the Director, Financial Policy and Regulation Department, Haruna B. Mustafa.

The CBN stated that, “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 (6) months from the effective date of the guidelines.”

Applicants for new BDC licence 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.

Receipt and processing of applications for licence shall commence from the effective date of the guidelines, according to the CBN.

The guideline is attached below:

https://www.cbn.gov.ng/Out/2024/FPRD/APPROVED%20BDC%20GUIDELINES%20May%2022%202024.pdf