Thursday, September 11, 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

NAICOM, FINTECH ASSOCIATION PARTNER TO DRIVE INSURANCE DIGITALIZATION

  In a move to accelerate the digital transformation of Nigeria’s insurance sector, the National Insurance Commission (NAICOM) has entered into collaboration with the FinTech...

CBN GOVERNOR CARDOSO REAFFIRMS COMMITMENT TO STABILITY, STRONGER BANKS, AND INVESTMENT GROWTH.

 The Governor of the Central Bank of Nigeria (CBN),  Olayemi Cardoso, has restated the Bank’s commitment to sustaining macroeconomic stability, strengthening the banking sector,...

NIGERIA CUSTOMS SERVICE AUTOMATES EXCISE REGISTER SYSTEM.

    The Nigeria Customs Service (NCS) has commenced full automation of its Excise Register System (ERS), marking a major step in its ongoing trade modernisation...

Most Popular

OPERATION HADIN KAI CONDUCTS AIR-TO-GROUND INTEGRATION TRAINING IN MAIDUGURI.

  The Theatre Command, Operation HADIN KAI (OPHK), has commenced an orientation training on Air-to-Ground Integration (AGI) for its troops in the North East theatre...

POLICE CLARIFY LEGALITY OF TINTED GLASS PERMIT AMID NBA LAWSUIT.

  The Nigeria Police Force  has reacted to reports that the Nigerian Bar Association (NBA) has taken the Inspector-General of Police (IGP) to court over...

NAICOM, FINTECH ASSOCIATION PARTNER TO DRIVE INSURANCE DIGITALIZATION

  In a move to accelerate the digital transformation of Nigeria’s insurance sector, the National Insurance Commission (NAICOM) has entered into collaboration with the FinTech...

CBN GOVERNOR CARDOSO REAFFIRMS COMMITMENT TO STABILITY, STRONGER BANKS, AND INVESTMENT GROWTH.

 The Governor of the Central Bank of Nigeria (CBN),  Olayemi Cardoso, has restated the Bank’s commitment to sustaining macroeconomic stability, strengthening the banking sector,...

Recent Comments