Financial News Highlights May 24, 2024 – CBN Clarifies On BDCs Licencing etc

Latest Financial News

CBN clarifies guidelines on BDCs licensing

The Central Bank of Nigeria (CBN) has clarified the tier-based classification of Bureau De Change (BDCs), stating that the new guidelines followed an earlier exposure draft circulated for public input earlier this year, which the Bank has now incorporated and posted on its website on Wednesday, May 22, 2024.

CBN Acting Director Speaks on the Matter

According to Hakama Sidi Ali, acting director of the corporate communications department, who spoke with reporters in Abuja on Thursday, May 23, 2024, the new guidelines include two tiers of licencing.

 

 

She reiterated the Bank’s invitation to interested parties to apply for BDC licences, provided they meet the new guidelines, effective June 3, 2024, while existing BDCs will have a six-month grace period to meet the new requirements.

 

Furthermore, Sidi Ali said the CBN remained committed to repositioning the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.

Other major Financial News headlines today, May 24, 2024:

Nigeria’s GDP rises 2.98% in Q1 on services sector growth

Manufacturers’ confidence in Nigeria’s economy rises for first time since 2022

Nigeria needs to build reserves that will support $1trn economy ‘ Teriba

West Africa can add $45.7bn to global exports by 2027 ‘ ECOWAS

Nigeria says FX inflows in Q1 represents 136% of 2023 level

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