WorldStage Newsonline– The Central Bank of Nigeria (CBN) has extended invitation to interested parties to apply for Bureau De Change (BDCs) 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.
CBN in a statement by the Acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali also clarified the tier-based classification of BDCs, stating that the new guidelines followed an earlier exposure draft circulated for public input earlier this year, which the bank had incorporated and posted on its website on Wednesday, May 22, 2024.
According to Sidi Ali, the new guidelines include two tiers of licencing and that the CBN remained committed to repositioning the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.
