CBN Gives New Directives to BDC Operators
The Central Bank of Nigeria (CBN) has mandated all existing Bureau De Change (BDC) operators to reapply for new licenses in their preferred category.
This directive was issued on Wednesday in a circular signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department.
According to the circular, BDC operators must meet the capital requirements for their chosen license category within a six-month period.
This move is part of the CBN’s efforts to ensure compliance with regulatory standards and to streamline the operations of BDCs in the country.
The reapplication process is intended to enhance the integrity and transparency of the foreign exchange market, aligning it with international best practices.
The CBN’s directive underscores the importance of maintaining robust regulatory oversight in the financial sector to foster stability and growth.
Operators are urged to adhere to the new guidelines promptly to avoid disruptions in their operations. The CBN has assured stakeholders of its commitment to providing the necessary support and guidance throughout the reapplication process.
More details to follow…
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