*Bans Street Trading Of Naira
THE Central Bank of Nigeria (CBN) has clarified the tier-based classification of Bureau De Changes (BDCs), stating that the new guidelines followed an earlier exposure draft circulated for public input earlier this year, which it has now incorporated and posted on its website on Wednesday, May 22.
The Acting Director of Corporate Communications Department, Mrs. Sidi Ali, told journalists in Abuja that the new guidelines include two tiers of licencing.
Recall that the apex bank recently updated its regulatory guidelines for BDC operations in Nigeria, after consulting with stakeholders, with the mandatory caution deposit of N200million for tier-1 BDC licence holders removed and the N50million for tier-2 licence holders waived.
The N5million for Tier-1 and N1million Tier-2 non-refundable yearly renewal fee were withdrawn, in what the bank said was aim at streamlining BDC operations and enhancing financial accessibility.
Ali, while urging BDCs to take note of these revised guidelines for compliance, reiterated the bank’s invitation to interested parties to apply for BDC licences, provided they meet the new guidelines, effective June 3, while existing BDCs would have a six-month grace period to meet the new requirements.
She stated that the CBN remained committed to repositioning the BDC sub-sector to play its envisioned role in the foreign exchange market in the country.
