The Central Bank of Nigeria has directed all existing Bureau De Change (BDC( operators to re-apply for new licences in their preferred category.
This was announced on Wednesday in a circular issued by the apex bank which was signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa.
The BDCs were also required to meet the capital requirements for their licence category within six months.
The CBN has updated its regulatory guidelines for BDC operators.
After consulting with stakeholders, the following changes were made:
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The non-refundable annual licence renewal fee has been withdrawn.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.
The guidelines also revised permissible activities for BDCs, ensuring alignment with market needs and regulatory standards.
