The Central Bank of Nigeria on Friday announced that the minimum capital requirements for BDC operators in Nigeria will be N2 billion for Tier 1 license holders.
The bank added that the requirement for a Tier 2 licence would be N500 million, marking a departure from the previous threshold of N35 million for a general license.
The new directives are contained in the CBN’s revised Regulatory and Supervisory Guidelines for Bureau de Change (BDC) Operations in Nigeria, according to the powers conferred to the central bank under Section 56 of the Banks and Other Financial Institutions Act, 2020 (BOFIA).
