Regulatory Alerts2010-11-02 | FPR/DIR/CIR/FXM/01/004Circular To Banks, Other Financial Institutions, Bureaux De Change, Foreign Exchange Market: Withdrawal of Class 'A'Bureau De Change Licenses.
The Central Bank of Nigeria (CBN) has decided to withdraw all existing Class 'A' Bureau De Change (BDC) licenses due to their failure in achieving the objectives of enhancing the foreign exchange market and promoting economic growth. These licenses will be withdrawn from November 8, 2010, but BDCs are eligible to apply for a new Class 'B' license by fulfilling specific requirements. Additionally, within 30 days, CBN will refund all mandatory caution deposits lodged with the bank. The CBN will continue to monitor and refine the operational guidelines of BDCs to maintain efficiency in the market.
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