The Central Bank of Nigeria, CBN yesterday released new operational guidelines for Bureau De Change, BDCs, and directing existing operators to reapply for new licenses and six six-month deadlines to meet the new minimum capital requirements. The new guidelines introduce two categories of BDCs, Tier 1 and Tier 2, with minimum capital requirements of N2 billion and N500 million respectively. The new guidelines were released yesterday via a circular to all BDC operators and stakeholders in the financial services industry. Among other things, the new guidelines limited the foreign currency…
Read MoreCBN Orders Existing BDCs To Reapply For New License
