CBN clarifies guidelines on BDCs licensing

The Central Bank of Nigeria (CBN) has clarified the tier-based classification of Bureau De Change (BDCs), stating that the new guidelines followed an earlier exposure draft circulated for public input earlier this year, which the Bank has now incorporated and posted on its website on Wednesday, May 22, 2024.

According to Hakama Sidi Ali, acting director of the corporate communications department, who spoke with reporters in Abuja on Thursday, May 23, 2024, the new guidelines include two tiers of licencing.

She reiterated the Bank’s invitation to interested parties to apply for BDC licences, provided they meet the new guidelines, effective June 3, 2024, while existing BDCs will have a six-month grace period to meet the new requirements.

Furthermore, Sidi Ali said the CBN remained committed to repositioning the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.