Thursday, 23 May 2024 04:44

CBN directs Bureau De Change operators to re-apply for new licenses; grants 2 major reliefs

Rate this item
(0 votes)

The Central Bank of Nigeria (CBN) has mandated that all existing Bureau De Change (BDC) operators re-apply for licenses. This directive was issued in a circular by Haruna Mustafa, Director of the Financial Policy and Regulation Department, on Wednesday. BDCs must meet the capital requirements for their license category within six months.

The CBN outlined that all existing BDCs and promoters of new BDCs must re-apply for a new license according to their chosen tier or license category as specified in the updated guidelines. Significant changes to these guidelines include:

- Removal of Mandatory Caution Deposits: The mandatory caution deposit of N200 million for tier-1 license holders and N50 million for tier-2 license holders has been removed.

- Elimination of Annual License Renewal Fees: The non-refundable annual license renewal fee of N5 million for tier-1 BDCs and N1 million for tier-2 BDCs has been withdrawn.

These changes are part of broader reforms aimed at repositioning the BDCs to fulfill their intended role in Nigeria's foreign exchange market.

The CBN had issued Draft Operational Guidelines for BDC Operations in Nigeria in February 2024, inviting stakeholder comments and inputs.

June 25, 2024

Shoprite to close Abuja mall, citing adverse business climate

Retail Supermarkets Nigeria Limited, the operators of Shoprite Mall, have announced that they will cease…
June 24, 2024

Police storm Kano emir’s palace, chase away local hunters guarding Sanusi

In a significant development in Kano State, Nigeria, police forces have assumed control of the…
June 23, 2024

A sisterhood of millions: the all-women church groups helping people in Nigeria

On a warm Thursday afternoon in May, the ululation, drumming and singing of a choir…
June 23, 2024

3,300-year-old sunken ship found in Mediterranean at a depth where time has 'frozen,' Israel says

A 3,300-year-old ancient sunken ship dating back to the Bronze Age has been discovered in…
June 25, 2024

Bandits kill Deputy Vice Chancellor of a Federal University

Some suspected bandits have killed the Deputy Vice Chancellor of Usmanu Danfodiyo University, Sokoto State,…
June 25, 2024

What to know after Day 852 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Russian troops wipe out large Western-supplied armament depot in Ukraine operation Russian troops…
June 19, 2024

Chips maker Nvidia rises to world’s most valuable company

Nvidia has become the world’s most valuable company following a staggering rally in its shares,…
June 18, 2024

Amusan secures fourth straight national title in 100m hurdles

Tobi Amusan has claimed her fourth consecutive national title in the women’s 100 metres hurdles…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.