The Central Bank of Nigeria (CBN) said it doesn’t want Bureau De Change (BDC) operators, roaming the street or staying under trees.
ALSO READ: FIRS inaugurates customer service optimization , reveals new slogan
“We don’t want BDCs operating under trees, street trading of foreign currencies is not allowed,”This was stated by the Central Bank’s director for risk management, Blaise Ijebor on Thursday during a conference in Lagos.Blaise stated that BDC officers should have offices where customers can walk in and exchange currency.
The Central Bank of Nigeria (CBN) has raised the minimum capital requirements for BDC operators to N2 billion for Tier 1 and N500 million for Tier 2, aiming to strengthen their ability to invest in infrastructure and comply with regulations.
Despite an increase in dollar supply, the naira weakened in foreign exchange markets, prompting the need for BDCs to refocus on their core mission of facilitating small transactions.
Blaise Ijebor stressed the importance of regulated entities being robust enough to handle such transactions, advocating for BDC associations to streamline regulatory compliance and ensure adequate infrastructure investment.
 said it don't want Bureau De Change (BDC) operators, rouming the street or staying under trees. ){kind=link}