CBN issues new guidelines for bureau de change operations

The Central Bank of Nigeria has released new guidelines aimed at regulating Bureau De Change operations in Nigeria. The new guidelines, effective June 3rd, 2024, raise the minimum capital requirement for BDC operators. The new guidelines, signed by Haruna Mustafa, Director of the Financial Policy and Regulation Department, on Wednesday, raise the minimum…The Central Bank of Nigeria has released new guidelines aimed at regulating Bureau De Change operations in Nigeria.

“Following the conclusion of the stakeholder consultations and in the exercise of the powers conferred on it by Section 56 of the Banks and Other Financial Institutions Act 2020, the CBN hereby issues the attached Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria 2024 for compliance by all operators and promoters of proposed BDCs in Nigeria.”

“Meet the minimum capital requirements for the licence category applied for within six months from the effective date of the Guidelines. iv. Payments to customers for cash purchases of foreign currency, the equivalent of above USD500, shall be by transfer to the customer’s Naira bank account. If the customer is non-resident , a BDC shall issue the customer a prepaid NGN card.

Alhaji Mohammed Idris, the Minister of Information and National Orientation, says the duty of addressing and countering fake news is the responsibility of all stakeholders.

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