The CBN has updated its regulatory guidelines for Bureau De Change operators in Nigeria.
After consulting with stakeholders, the following changes were made: The mandatory caution deposit of N200m for tier-1 BDC licence holders has been removed.
Similarly, N50m for tier-2 licence holders has also been waived.
The non-refundable annual licence renewal fee has been withdrawn.
Previously, tier-1 BDCs paid N5m, while tier-2 BDCs paid N1m for renewal.
The bank noted that these adjustments aim to streamline BDC operations and enhance financial accessibility.
BDCs should take note of these revised guidelines for compliance.
Details later…
