Business

CBN Bans Commercial Banks, Public Officers, Others From Owning BDCs

This announcement was made by the apex bank in its latest guidelines for BDC operators on Wednesday.

By Johnson Atoukudu

The Central Bank of Nigeria (CBN) has prohibited commercial banks, all financial institutions, public officers, non-governmental organizations, non-Nigerian individuals, non-resident, non-regulated companies, telecommunications service providers, and others from owning Bureau De Change (BDC) firms in Nigeria in an effort to support the naira against the dollar in the foreign exchange market.

This announcement was made by the apex bank in its latest guidelines for BDC operators on Wednesday.

Waffi TV reports that the CBN has mandated all BDC operators to reapply for operational licenses in accordance with the Central Bank of Nigeria Act, 2007 (CBN Act), and the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN’s guidelines specify that those not allowed to own or promote BDCs in Nigeria are indeed barred from doing so.

The CBN stated that the following entities and individuals are prohibited from participating in BDC ownership, directly or indirectly: commercial, merchant, non-interest and payment service banks; financial holding companies; other financial institutions (OFIs), including International Money Transfer Operators and payment service providers; active staff of financial services regulatory and supervisory agencies; active staff of regulated financial services providers; government at all levels; public officers as defined in the 5th Schedule Part IV of the Constitution of the Federal Republic of Nigeria; and non-governmental organizations.

Additionally, the ban includes cooperative societies; charitable organizations; academic and religious institutions; non-Nigerian individuals; non-resident non-regulated companies; telecommunications service providers; sanctioned individuals and entities; shareholders in another BDC (whether directly or indirectly); and any other persons designated by the CBN from time to time.

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