Regulatory Alerts2014-06-24 | FPR/DIR/GEN/CIR/01/009Circular to All Bureau De Change: New Requirements for the Operation of Bureau De Change in Nigeria
The Central Bank of Nigeria (CBN) has issued new requirements for Bureau De Change (BDC) operations in Nigeria, increasing the minimum capital requirement to N35 million and enforcing a mandatory cautionary deposit of the same amount. Ownership of multiple BDCs is prohibited, and CBN expects better-structured, well-capitalized entities that can effectively perform roles in the economy. Licensing fees are also implemented: Application Fee - N100,000, Licensing Fee - N1 million, and Annual Renewal Fee - N250,000. The compulsory membership of the Association of Bureau De Change Operators of Nigeria is no longer a requirement for BDC licensing.
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monetary