JUST IN: CBN issues updated guidelines for BDCs, removes N200m caution fee

The Central Bank of Nigeria (CBN) has issued regulatory guidelines for bureau de change operations after consultation with stakeholders.

In February, CBN released a ‘Draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria’.

However, on Wednesday, following the consultation, CBN made changes to the guidelines, one of which is the removal of the mandatory caution deposit of N200 million for tier-1 licence holders.

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.(The Cable)