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ARTICLE · 20 JANUARY 2025

Bureau De Change: Implications, Opportunities, And Challenges Of The Proposed 2024 Revised Guidelines.

Tope Adebayo LP
Tope Adebayo LP
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The regulation of Bureau de Change Operators (BDCs) remains a topical issue in Nigeria. The Central Bank of Nigeria (CBN) has repeatedly expressed its commitment to addressing the challenges posed by unauthorized operations of some BDCs, which has the potential of undermining the Nigerian financial system.

NigeriaFinance and Banking
Eyitayo Ajisafe
Eyitayo Ajisafe
Tolulope Oguntade
Tolulope Oguntade
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Introduction

The regulation of Bureau de Change Operators (BDCs) remains a topical issue in Nigeria. The Central Bank of Nigeria (CBN) has repeatedly expressed its commitment to addressing the challenges posed by unauthorized operations of some BDCs, which has the potential of undermining the Nigerian financial system. The CBN noted cases of BDC promoters establishing multiple BDCs to access more foreign exchange (forex), deviating from their mandate by selling forex above the permissible limits of $5000 and becoming conduits for money laundering and other illicit financial activities.1These culminated in the suspension of forex sales to BDCs and the refund of capital deposits and licensing fees to promoters with pending applications in 2021.2

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