•Approves new minimum capital thresholds of N2bn, N500m for national, state operators, respectively
•Issues six months’ deadline for compliance
James Emejo in Abuja
The Central Bank of Nigeria (CBN) yesterday ordered all existing Bureau De Change (BDCs) operators in the country and promoters of new entrants to reapply for new operating licenses of their choice.
The directive came as the apex bank introduced fresh regulatory and supervisory guidelines for BDC operations, setting a new licensing regime and capital requirement for the sub-sector.
The framework categorised BDCs into Tiers One and Two, adding that while the former may operate in any state of the federation and the Federal Capital Territory (FCT), the latter is permitted to operate only in one state of the federation or the FCT.
The central bank also pegged the minimum capital requirement for a national BDC at N2 billion, and N500 million for a state operator.
In…
Source: Thisday Newspaper
