The Central Bank of Nigeria (CBN), on Thursday extended invitation to interested parties to apply for Bureau De Change (BDCs) licences, provided they meet the new guidelines, effective June 3, 2024.
Acting Director of the Corporate Communications Department, CBN, Mrs Hakama Sidi, disclosed this in a Statement that the existing BDCs will have a six-month grace period to meet the new requirements stipulated by the bank, while further clarified the tier-based classification of BDCs.
She said the new guidelines followed an earlier exposure draft circulated for public input earlier this year, which the bank had incorporated and posted on its website on Wednesday, May 22, 2024.
According to Sidi Ali, the new guidelines include two tiers of licencing and that the CBN remained committed to repositioning the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.
