CBN issues revised draft regulatory and supervisory guidelines for BDCs, stakeholders

The Central Bank of Nigeria (CBN) has recently issued a draft of revised Regulatory and Supervisory Guidelines for all Bureau de Change BDC Operators and stakeholders in the financial services industry. These guidelines are designed to provide clarity and direction on the operations of BDCs, which play an important role in the foreign exchange market in Nigeria.

The guidelines cover a range of topics, including licensing requirements, capital adequacy, risk management, and reporting obligations. They also address issues such as anti-money laundering and counter-terrorism financing measures, as well as compliance with foreign exchange regulations.

The revised guidelines are intended to improve the transparency and accountability of BDCs, and to enhance the stability of the foreign exchange market in Nigeria. The CBN has stated that it will work closely with stakeholders to ensure that these guidelines are implemented effectively and efficiently.

It is important for all BDC operators and stakeholders to carefully review and understand the revised guidelines, as they will have a significant impact on their operations. Failure to comply with these guidelines could result in penalties or even license suspension.

Overall, the revised guidelines represent an important step towards strengthening the regulation of the foreign exchange market in Nigeria, and ensuring that BDCs operate in a responsible and ethical manner.