CBN introduces stricter measures for BDCs, imposes N2bn licence fee
Amidst the ongoing forex crisis in Nigeria, the Central Bank of Nigeria (CBN) has implemented stringent measures targeting Bureau De Change (BDC) operators to address the deteriorating economic situation.
The country faces severe economic challenges, with the naira plunging to an all-time low of N2,000 against the dollar. In response, the National Security Adviser, Mallam Nuhu Ribadu, has directed law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS), to clamp down on currency speculators operating in the forex market. This directive has led to nationwide raids on BDCs and the arrest of illegal operators.
On Friday, the CBN’s Financial Policy and Regulation Department issued a new set of guidelines for BDC operators and stakeholders in the financial sector. Among the key provisions are:
READ ALSO:
These measures represent a concerted effort by the CBN to regulate and stabilize the forex market while ensuring transparency and accountability among BDC operators.
Usyk beats Fury by split decision to win undisputed heavyweight title Tyson Fury suffered a…
Nigeria will stop fuel importation by June - Dangote Aliko Dangote, Africa’s richest person, has announced that…
Rainstorms kill seven, many others injured No fewer than seven people have been confirmed dead as…
Olanipekun, Yayale, Elechi, Yusuf Ali, others named higher institutions' governing council chairmen President Bola Tinubu’s administration…
Nearly 10,000 evacuated in Ukraine’s Kharkiv region after Russia attack Nearly 10,000 people have been forced to…
Police inspector dismissed, three others demoted over N29.8m theft Adabo Mohammed, a police inspector has been dismissed…