Regulatory rules for bureau de change activities have been released by the Central Bank of Nigeria (CBN) after stakeholders consultation.
A “Draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria” was published by CBN in February.
On Wednesday, though, CBN modified the rules in response to the consultation; among other things, it removed the requirement for tier-1 license holders to provide a N200 million caution deposit.
Also, N50 million for tier-2 licence holders was removed by the apex bank.
Similarly, the CBN withdrew the non-refundable annual licence renewal fee of N5 million and N1 million for tier-1 and tier-2 BDCs, respectively. [CONTINUE READING HERE]
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