The Central Bank of Nigeria (CBN) is cracking down on Bureau De Change operators, making it clear that commercial banks, public officers, and various other entities are not allowed to own these firms in the country.
This move is part of the CBN’s ongoing efforts to protect the naira against the dollar in the foreign exchange market.
In its latest guidelines for BDC operators released on Wednesday, the CBN specified that certain groups are prohibited from owning or promoting BDCs in Nigeria.
These include commercial banks, financial institutions, public officers, non-governmental organizations, non-Nigerian individuals, non-residents, unregulated companies, telecommunication providers, and others.
Additionally, the CBN outlined that individuals such as staff of financial regulatory agencies, regulated financial service providers, government officials, NGOs, cooperative societies, charitable organizations, academic and religious institutions, and more are also not allowed to have ownership stakes in BDCs.
The list of prohibited entities also extends to shareholders in other BDCs, sanctioned individuals and entities, and any other person designated by the CBN.
By implementing these restrictions, the CBN aims to ensure that only qualified and reputable individuals and organizations are involved in the operation of BDCs in Nigeria.
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