The Central Bank of Nigeria (CBN) is mulling an increase in the share capital of Bureau De Change (BDC) operators to N2 billion and N500 million for Tier 1 and Tier 2 licenses.
It was previously N35 million for a general license.
This was contained in the draft REVISED REGULATORY AND SUPERVISORY GUIDELINES FOR BUREAU DE CHANGE OPERATIONS IN NIGERIA published by the apex bank.
The new guidelines contain several new changes to the guidelines for BDC operations in the country. If endorsed, the new guidelines will be effective at a date decided by the CBN.
Minimum Capital: Under the minimum capital requirements, the central bank is introducing a two-tier license for BDC operators in the country.
Also, BDC licences are renewable annually subject to compliance with laws and regulations applicable to BDCs and the payment of the non-refundable annual licence renewal fee, which is N5 million for Tier 1 operators and N1 million for Tier 2.
