Wednesday, June 25, 2025
Home Business CBN CLARIFIES GUIDELINES ON BDCS LICENSING.

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 the Acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, 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 Bureau De Change (BDC) sub-sector to play its envisioned role in the foreign exchange market in Nigeria.
RELATED ARTICLES

NIGERIA CUSTOMS, INDIA STRENGTHEN BILATERAL TIES AT WCO POLICY COMMISSION.

The Nigeria Customs Service (NCS) has reaffirmed its commitment to deepening strategic cooperation with the Indian Customs Administration, as both sides advanced discussions on...

BOI UNVEILS SUSTAINABLE FINANCE FRAMEWORK FOR INCLUSIVE GROWTH.

The Bank of Industry has announced the launch of its Sustainable Finance Framework to drive inclusive and climate-resilient growth in Nigeria. In a statement the...

ECONOMIC GROWTH: FINANCE MINISTER ASSURES ON INCREASED INVESTMENT.

  The Honorable Minister of Finance and coordinating minister of the economy Wale Edun says the ministry is at its third phase to achieve a...

Most Popular

NIGERIA CUSTOMS, INDIA STRENGTHEN BILATERAL TIES AT WCO POLICY COMMISSION.

The Nigeria Customs Service (NCS) has reaffirmed its commitment to deepening strategic cooperation with the Indian Customs Administration, as both sides advanced discussions on...

GENERAL NAFIU COUNSELS CORPS MEMBERS ON SAVINGS, INVESTMENT, PEACEFUL CO-EXISTENCE

  The Director General of National Youth Service Corps, Brigadier General Olakunle Nafiu has advised Corps Members to be prudent in their spendings and also...

BOI UNVEILS SUSTAINABLE FINANCE FRAMEWORK FOR INCLUSIVE GROWTH.

The Bank of Industry has announced the launch of its Sustainable Finance Framework to drive inclusive and climate-resilient growth in Nigeria. In a statement the...

ECONOMIC GROWTH: FINANCE MINISTER ASSURES ON INCREASED INVESTMENT.

  The Honorable Minister of Finance and coordinating minister of the economy Wale Edun says the ministry is at its third phase to achieve a...

Recent Comments