The Central Bank of Nigeria (CBN) recently released an exposure draft of the Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations (BDCs) in Nigeria (the Draft Guidelines). The Draft Guidelines seek to amend the extant guidelines for BDCs in Nigeria made in 2015 (the 2015 Guidelines).

6 March 24

The Draft Guidelines form part of CBN’s unwavering effort to significantly reform the foreign exchange market in Nigeria. The Draft Guidelines, if issued in the present format, will provide more robust requirements for BDCs. The Draft Guidelines specify among others, the permissible activities, licensing requirements, corporate governance and Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction (“AML/CFT/CPF”) provisions for BDCs. The Draft Guidelines also set out new record-keeping and reporting requirements.

Click here to read the full alert with key provisions of the Draft Guidelines.

Should you have any questions regarding the information in this legal alert, please do not hesitate to contact Oludare Senbore



Adeyemi Ayeku – Associate