CBN Seeks Inputs from BDC Stakeholders Over Revised Guidelines

Nigeria’s Central Bank, CBN, requests inputs or comments from Bureau De Change (BDC) stakeholders over its revised Regulatory and Supervisory Guidelines.

On Friday, the CBN released a circular through the Director of the Department of Financial Policy and Regulation, Haruna B. Mustafa, stating the revised guidelines as part of CBN’s ongoing reforms of the Nigerian Foreign Exchange market.

In part, the statement reads:

Pursuant to the powers conferred under Section 56 of the Banks and Other Financial Institutions Act 2020 (BOFIA), the Central Bank of Nigeria (CBN) hereby issues this draft revised Regulatory and Supervisory Guidelines for Bureau De Change (BDC) Operations in Nigeria for stakeholders comments and/or inputs.

The guidelines by the apex bank propose to enhance the regulatory framework for the operations of Bureau De Change in Nigeria’s foreign exchange market.

Hence, the revised guidelines affect the permissible activities, licensing requirements, corporate governance, and Anti-Money Laundry/Combating the Financing of Terrorism (AML/CFT) provisions for BDC operators.

Also, it aims to set out new record-keeping and reporting requirements, among others.

Meanwhile, the apex bank requires all licensed BDC operators to get a copy of the guidelines and to forward, if any, their comments/inputs to the Office of Financial Policy and Regulation Department, Central Bank of Nigeria, Abuja, with soft copies mailed to [email protected] by March 4, 2024.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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