May 23, 2024/CBN

The Central Bank of Nigeria (CBN) has issued new Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria. These guidelines mandate all operators and promoters of proposed BDCs to reapply for new licenses in Nigeria.

The Draft Operational Guidelines for BDC Operations released in February 2024 was part of the reforms to re-position the Bureau De Change (BDC) sub-sector to play its envisioned role in the foreign exchange market in Nigeria. 

In a letter signed by Haruna B. Mustafa, Director of the Financial Policy and Regulation Department at the Central Bank of Nigeria, the new licensing requirements introduced for BDCs include revisions to permissible activities, financial requirements, corporate governance requirements, and AML/CFT/CPF provisions for BDCs.

In February 2024, the CBN released an exposure draft of its revised regulatory and supervisory guidelines for Bureau De Change Operations in Nigeria.

Applicants applying for new BDC licenses must meet the specified conditions based on the chosen Tier or category outlined in the guidelines.

Click here to read full PDF copy of guidelines