The Central Bank of Nigeria (CBN) has asked all existing Bureau de Change operators in the country to re-apply for new licences.
The directive was issued in a circular on Wednesday signed by the CBN Director, Financial Policy and Regulation Department, Haruna B. Mustafa.
The circular outlines new regulatory and supervisory guidelines for the operations of Bureau de Change in Nigeria.
The CBN also said the BDCs must meet the minimum capital requirements for the license category applied for within six (6) months from the effective date of the guidelines.
In the case of applicants for new BDC licenses, they are required to meet the conditions for the grant of license in accordance with the tier or category of BDC chosen as stipulated in the guidelines.
