The Central Bank of Nigeria (CBN) has increased the license fees for Bureau De Change (BDCs) dramatically, with Tier 1 BDCs now required to have a capital requirement of N2 billion, representing a 13,233.33 percent hike from the previous fee.
The move aims to address the ongoing foreign exchange crisis in the country.
BDCs are now prohibited from having ownership stakes from banks, government agencies, or NGOs.
They can source foreign currencies from authorized dealers, travelers, hotels, and embassies, while sales are restricted to purposes such as travel and medical bills, with a requirement for electronic transfers for 75 percent of transactions.
The guidelines also outline standards for Tier 1 BDCs appointing franchises and set prudential requirements for all BDCs.
Additionally, the CBN announced new measures regarding the FX rate for Import Duty Assessment.
Peoplesmind