The Central Bank of Nigeria (CBN) has issued regulatory
guidelines for bureau de change operations after consultation with
stakeholders.
In February, CBN released a ‘Draft Revised Regulatory and
Supervisory Guidelines for Bureau De Change Operations in Nigeria’.
However, on Wednesday, following the consultation, CBN made
changes to the guidelines, one of which is the removal of the mandatory caution
deposit of N200 million for tier-1 licence holders.
Also, N50 million for tier-2 licence holders was removed by
the apex bank.
Similarly, the CBN withdrew the non-refundable annual licence
renewal fee of N5 million and N1 million for tier-1 and tier-2 BDCs,
respectively.
More to follow…
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