Amidst ongoing fluctuations in the Naira’s value against the US dollar, the Central Bank of Nigeria is contemplating implementing new guidelines for Bureau De Change Operators in the country, including potentially prohibiting street trading.
This was revealed in the apex bank’s draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, announced on Friday. Additionally, the CBN intends to set the minimum per capita share for Tier 1 and 2 BDC licenses at N2 billion and N500,000 million, respectively, departing from the previous requirement of N35 million per capita share for a 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.”
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