The Central Bank of Nigeria (CBN) has clarified the tier-based classification of Bureau De Changes stating that the new guidelines followed an earlier exposure draft circulated for public input earlier this year, which the bank has now incorporated and posted on its website on Wednesday.
According to the Acting Director of the Corporate Communications Department, Mrs Sidi Ali, who spoke with reporters in Abuja on Thursday, the new guidelines include two tiers of licencing.
It was earlier reported that The CBN updated its regulatory guidelines for BDC operations in Nigeria, after consulting with stakeholders.
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The non-refundable annual licence renewal fee has been withdrawn.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. BDCs should take note of these revised guidelines for compliance.
She reiterated the bank’s invitation to interested parties to apply for BDC licences, provided they meet the new guidelines, effective 3rd of June, 2024, while existing BDCs will have a six-month grace period to meet the new requirements.
Furthermore, Ali said the CBN remained committed to repositioning the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.
