CBN ISSUES APPROVED GUIDELINES FOR BDC OPERATORS.

The Central Bank of Nigeria CBN has released its approved guidelines to regulate the activities of Bureau de Change BDC operators in the country.

In its new circular released yesterday, the minimum capital base for Tier-1 BDCs is two billion Naira and that of Tier-1 is set at five hundred million naira while the mandatory caution deposit of 200 million Naira for tier-1 BDC license holders was removed and fifty million naira for tier-2 license holders was waived.

The Director of Financial Policy and Regulationof the Apex Bank HARUNA MUSTAFA, said the approved guidelines take effect from June 3, 2024.

The apex bank directed existing BDCs to reapply for new licenses and meet the minimum capital requirements for the license category applied for within six months from June 3, 2024.