THE NATION
The Central Bank of Nigeria (CBN) has implemented fresh guidelines to regulate Bureau De Change (BDC) operations amidst the ongoing foreign exchange crisis in the country.
Under the new regulations, Tier 1 BDCs are required to have a capital requirement of N2 billion, while Tier 2 BDCs must maintain N500 million in capital.
This marks a significant increase from the previous licensing fee, which has surged by 13,233.33 percent.
The guidelines outline permissible activities for BDCs, including foreign currency trading, issuing prepaid cards, and facilitating money transfers.
However, BDCs are prohibited from accepting deposits, granting loans, or engaging in gold or capital market activities.
Additionally, the guidelines address sourcing and sale of foreign currencies, customer identification, transaction recording, and compliance with anti-money laundering regulations.
Meanwhile, the CBN has also announced new measures regarding the foreign exchange rate for import duty assessment, aiming to reduce uncertainty and provide clarity for importers and the Nigeria Customs Service.
These reforms reflect CBN’s efforts to stabilize the market and foster investor confidence amidst economic challenges.
