
The Central Bank of Nigeria (CBN) has directed all Bureau de Change operators (BDCs) in the country to reapply for operational licenses in order to continue to operate in the parallel forex market.
This was contained in a circular issued on May 22, and signed by CBN Director, Financial Policy and Regulation Department, Haruna Mustafa, Leadership reports.
According to the Wednesday circular, the new guidelines were part of reforms to re-position the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.
The guidelines, amongst others, introduced new licensing requirements and categories of BDCs as well as revised the permissible activities, financial requirements, corporate governance requirements and AML/CFT/CPF provisions for BDCs.
Consequently, it stated that, “all existing BDCs shall re-apply for a new license according to any of the Tiers or license category of their choice as provided in the Guidelines.