The Central Bank of Nigeria (CBN) has offered explanations on the tier-based classification of Bureau De Change (BDC) operations. The explanation followed the new policy announced on Wednesday. According to the apex bank, the new guidelines followed an earlier exposure draft circulated for public input earlier this year.

Throwing more lights on the policy yesterday, Acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, noted that the new guidelines included two tiers of licencing. She reiterated the bank’s invitation to interested parties to apply for BDC licences, provided they meet the new guidelines, effective June 3, 2024, while existing BDCs would have a six-month grace period to meet the new requirements.

Furthermore, she said the bank remained committed to repositioning the Bureau De Change (BDC) sub-sector to play its envisioned role in the foreign exchange market in Nigeria.

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