CBN directs all BDCs to reapply for licence, meet new requirements by June 3

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 document stated.

It mentioned that BDC’s 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 non refundable licence fee of N 5 million naira for Tier 1 BDC operators.

While 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.