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CBN TO BAN STREET TRADING
Amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market, the Central Bank of Nigeria says it is considering stopping street trading, among other fresh guidelines, to Bureau De Change Operators in Nigeria.
The apex bank disclosed this Friday in its draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria.
CBN plans to fix the minimum per capital share for Tier 1 and 2 BDC licenses to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general license
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Naira vs USD: CBN to ban street trading, mulls fresh guidelines for BDCs
Amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market, the Central Bank of Nigeria says it is considering stopping street trading, among other fresh guidelines, to Bureau De Change Operators in Nigeria.
The apex bank disclosed this Friday in its draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria.
CBN plans to fix the minimum per capital share for Tier 1 and 2 BDC licenses to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general license.
“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.
A Tier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and rendition requirements.
A Tier 2 BDC is authorized to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees
