Newsone Nigeria reports that the Central Bank of Nigeria (CBN) led by Yemi Cardoso, says it is considering stopping street trading, among other fresh guidelines, to Bureau De Change Operators in Nigeria amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market.
This online news platform understands that the Central Bank disclosed in its draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria.
The apex bank plans to fix the minimum per capital share for Tier 1 and 2 BDC licences to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general licence.
The apex bank plans to fix the minimum per capital share for Tier 1 and 2 BDC licences to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general licence.
“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.
A Tier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and
Meanwhile, News-One reports that at the close of work on Friday, the Naira depreciated N1,665.50 per US dollar from N1571.31 on Thursday at the FMDQ market. Meanwhile, in the parallel market.
The Naira traded for N1,750 to N1,800 per USD on Friday compared to N1,680.00 on Thursday.
CBN had unveiled several FX interventions in the past months, but the country’s foreign exchange crisis has, however, persisted.
Source News Nigerian