BREAKING: CBN Revokes Licenses of All Bureau de Changes

Posted by allcitynews.ng

The Central Bank of Nigeria (CBN) has revoked the operational licences of all
Bureau de Change operators (BDCs) in the country even as the apex bank told them to reapply for new operational licences between now and June 3, 2024 in order to continue to operate in the forex market.

The BDCs are also to meet the new deadline of N2billion for tier 1 and N500million for tier 2 operators.

The apex bank had in February this year introduced a new minimum capital for the BDCs as published in the revised Regulatory and Supervisory Guidelines for Bureau de Change (BDC) Operations in Nigeria.

However, the latest order mandating the BDCs to apply for new operating licenses was contained in a circular issued on Wednesday and signed by CBN Director, Financial Policy and Regulation Department, Haruna Mustafa.

According to the circular, the 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 also 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.

“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. Meet the minimum capital requirements for the license category applied for within six months from the effective date of the Guidelines.”

Also, applicants for new BDC licences are required to meet the conditions for the grant of licence in accordance with the Tier or category of BDC chosen as stipulated in the Guidelines.

BDC operators are also expected to submit the names of promoter, name of the proposed BDC, E-mail address of the promoter and phone number of the promoter according to the new guidelines.

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