CBN directs all BDCs to reapply for licence

The Central Bank of Nigeria (CBN) has directed all existing Bureau de Change operators (BDCs) to reapply for new operational licences.

The apex bank disclosed this on Wednesday in a document titled ‘Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria’.

“All existing BDCs shall re-apply for a new licence according to any of the Tiers or licence category of their choice as provided in the Guidelines,” the release stated.

It mentioned that BDCs are required to meet the minimum capital requirements for the licence category applied for six months starting June 3.

“All existing BDC’s shall meet the minimum capital requirements for the licence category applied for within six (6) months from the effective date of the guidelines,” it said.

According to the release, the minimum capital requirement for Tier 1 BDC operators is N2 billion while for Tier 2 BDC operators is N500 million.

There is also a non-refundable application fee of N1 million and a non-refundable licence fee of N 5 million nairas for Tier 1 BDC operators Tier 2 operators are expected to pay a non-refundable application and licence fee of N250,000 and N2 million respectively.

“This Guidelines supersedes the Revised Operational Guidelines for Bureau DeChange in Nigeria issued in November 2015 and all related circulars and

Directives. The Guidelines take effect from June 3, 2024,” the statements said.