CBN Revises Guidelines For Bureau De Change Operators

The CBN has updated its regulatory guidelines for Bureau De Change operators in Nigeria. After consulting with stakeholders, the following changes were decided upon:

The mandatory caution deposit of N200m for tier-1 BDC licence holders has been waived.

Also, N50m for tier-2 licence holders has also been removed.

The non-refundable annual licence renewal fee has been withdrawn.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 stated that these adjustments intend to streamline BDC operations and enhance financial accessibility. BDCs should take note of these revised guidelines for compliance.