CBN Clarifies New Bureau De Change Guidelines
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has provided clarity on the new tier-based classification system for Bureau De Changes (BDCs).
The new guidelines were developed after an earlier draft was shared for public feedback earlier this year. These guidelines have now been finalized and are available on the CBN’s website as of Wednesday, May 22, 2024.
Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department, addressed reporters in Abuja on Thursday. She explained that the new guidelines establish two tiers of licensing for BDCs.
Mrs. Sidi Ali also encouraged interested parties to apply for BDC licenses under the new guidelines, which will take effect on June 3, 2024. Existing BDCs will have a six-month grace period to comply with the new requirements.
Additionally, Mrs. Sidi Ali emphasized that the CBN is dedicated to enhancing the Bureau De Change sub-sector to ensure it fulfills its intended role in Nigeria’s foreign exchange market.
