Central Bank of Nigeria directs BDC operators to reapply for licenses by June 3, 2024, with new minimum capital requirements.
The Central Bank of Nigeria (CBN) has directed all existing Bureau de Change (BDC) operators to reapply for new licenses by June 3, 2024, to continue operating in the forex market. The BDCs are also required to meet the new minimum capital of N2 billion for tier 1 and N500 million for tier 2 operators. The CBN's directive aims to reposition the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.
May 22, 2024
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