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The Central Bank of Nigeria has banned commercial banks, all financial institutions, public officers, non-governmental organizations, non-Nigerian natural persons, non-resident, non-regulated companies, telecommunication services providers, and others from owning Bureau De Change firms in Nigeria amid efforts to defend the naira against the dollar...
The Central Bank of Nigeria has banned commercial banks, all financial institutions, public officers, non-governmental organizations, non-Nigerian natural persons, non-resident, non-regulated companies, telecommunication services providers, and others from owning Bureau De Change firms in Nigeria amid efforts to defend the naira against the dollar at foreign exchange market. On Wednesday, the apex bank disclosed this in its latest guideline to BDC operators.
reports that CBN ordered all BDC operators to reapply for operational licenses in line with the Central Bank of Nigeria Act, 2007 and the Banks and Other Financial Institutions Act 2020. Further details of the CBN's guidelines revealed that those not permitted to own or promote BDC in Nigeria were not permitted to do so.
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