The Central Bank of Nigeria (CBN) has directed all existing Bureau De Change (BDC) operators to re-apply for new licenses in their preferred categories.
This directive was announced on Wednesday in a circular issued by the apex bank and signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department.
In the circular, the CBN also mandated that BDCs meet the capital requirements for their respective license categories within six months.
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Further details on this directive will be provided shortly.
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