The Central Bank of Nigeria (CBN) has introduced new regulatory and supervisory guidelines for Bureau De Change (BDC) operators and promoters of proposed BDCs in Nigeria.
These guidelines, effective from June 3, 2024, aim to enhance the operations of BDCs and ensure compliance with best practices. Key provisions include:
The guidelines introduce new licensing requirements and categories for BDCs.
Existing BDCs must re-apply for a new license according to their chosen tier or category within six months of the effective date.
BDCs are expected to meet minimum capital requirements based on their chosen license category.
The guidelines include provisions to enhance corporate governance practices and compliance with anti-money laundering (AML), counter-terrorism financing (CFT), and combating proliferation financing (CPF) regulations.
All applications for new licenses or re-application for existing BDCs must be submitted electronically to the Director, Financial Policy & Regulation Department, Central Bank of Nigeria, Abuja.
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The new guidelines supersede the Revised Operational Guidelines for Bureau De Change in Nigeria issued in November 2015 and all related circulars and directives.
The CBN emphasized the importance of these guidelines in re-positioning the BDC sub-sector to play a more effective role in the foreign exchange market in Nigeria. Interested parties are encouraged to review the full guidelines for detailed information on the requirements and application process.
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