By Abimbola Ogunnaike
In an efforts to defend the naira against the dollar at foreign exchange market, the Central Bank of Nigeria (CBN) has banned commercial banks, all financial institutions, public officers, non-governmental organizations, non-Nigerian natural persons, non-resident, non-regulated companies, telecommunication services providers, and others from owning Bureau De Change firms in Nigeria.
The Apex Bank made this disclosure on Wednesday, 22 May, 2024 in its latest guideline to BDC operators.
Thegazellenews.com reports that CBN ordered all BDC operators to reapply for operational licenses in line with the Central Bank of Nigeria Act, 2007 (CBN Act) and the Banks and Other Financial Institutions Act (BOFIA) 2020.
Further details of the CBN’s guidelines revealed that those not permitted to own or promote BDC in Nigeria were not permitted to do so.
CBN said the following shall not be allowed to participate in the ownership of BDCs, directly or indirectly: commercial, merchant, non-interest and payment service banks; financial holding companies; other Financial Institutions (OFIs), including International Money Transfer Operators and payment service providers; serving staff of financial services regulatory and supervisory agencies; serving staff of regulated financial services providers; government at all levels; public officers as defined in the 5th Schedule Part IV of the Constitution of the Federal Republic of Nigeria; and Non-Governmental Organizations;
Others are cooperative societies; charitable organizations; academic and religious institutions; non-Nigerian natural persons; non-resident non-regulated companies; telecommunication services providers; sanctioned individuals and entities; a shareholder in another BDC (whether directly or indirectly); and any other persons that the CBN may designate from time to time.