Straybullet:
Not enough

Ban BDC
BAN BDCS
BAN BDCS NOW!!!

Smithkafors:



Who told you that?…you guys like supporting bad leaders and then turn around to look for who to blame.

Last year you were all over nairaland supporting Tinubu who did not attend a single interview. This makes me wonder if you guys are normal human beings?.

Tinubu for sure

I still support him 100 %

Now see where his policies has landed us!!!.

Smithkafors:



Who told you that?…you guys like supporting bad leaders and then turn around to look for who to blame.

Last year you were all over nairaland supporting Tinubu who did not attend a single interview. This makes me wonder if you guys are normal human beings?.



Now see where his policies has landed us!!!.

Smithkafors:

Who told you that?…you guys like supporting bad leaders and then turn around to look for who to blame.

Last year you were all over nairaland supporting Tinubu who did not attend a single interview. This makes me wonder if you guys are normal human beings?.

Now see where his policies has landed us!!!.

Biodun556:
Nigerians like to cry of pain, but do not like to obey rules and regulations

We believe too much miracles

Pennywise2:
Nobody is banning bdc. You guy don't understand that bdc are the business of the rich and politicians. Always read in-between the lines. The

ironheart:
We are a country of individuals. In turkey the other day, we almost presented our kidneys just to change 20 Euro to Turkish lira. Only in nigeria will a BDC sell you 2 million dollars without any form of documentation or records. They need to stop all BDC activities in the country. Any serious business should be done in naira

Biodun556:
CBN Releases Reversed Regulatory And Supervisory Guidelines For Bureau De Change Operations In Nigeria, Here Are Key Points :

1● Non-Eligible Promoters: Certain entities like banks, government agencies, NGOs etc are not allowed to have ownership stake in BDCs.

2● Permissible Activities: BDCs can buy and sell foreign currencies, issue prepaid cards, serve as cash points for money transfer operators etc. They cannot take deposits, grant loans, deal in gold or engage in capital market activities.

3● Sources of Foreign Currencies: BDCs can source forex from authorized dealers, travellers, hotels, embassies etc. Large transactions above $10,000 require declaration of source.

4●Sale of Foreign Currencies: BDCs can sell forex for travel, medical bills, school fees etc up to specified limits per customer annually. At least 75% of sale must be via transfer, 25% can be cash.

5● Categories of BDCs: There are 2 tiers of BDCs - Tier 1 with national presence, branches and franchises; Tier 2 restricted to 1 state with max 3 locations.

6●Financial Requirements: Minimum capital of N2 billion for Tier 1 and N500 million for Tier 2. Other fees and deposits specified.

7● Licensing Process: Two stage process - Approval in Principle and Final Licence, each with specified document requirements.

8● Corporate Governance: Board composition, assessment of propriety, fitness requirements for directors and senior management specified.

9● Operations: Must verify customer identity, keep transaction records, connect to CBN systems, display rates clearly etc.

10●Supervision: Specified regulatory returns must be rendered, records available for inspection, compliance with guidelines required.

11● Franchising Standards: Standards specified for Tier 1 BDCs appointing franchises regarding policy, monitoring, branding etc.

13● Prudential Requirements: Specified limits on open position, fixed assets, borrowings, dividend payment etc.

Check comment section for full update

https://www.thisdaylive.com/index.php/2024/02/24/cbn-introduces-sweeping-reforms-to-sanitise-bdc-operations



The regulation, however, barred BDCs from engaging in street-trading, maintaining any type of account for any member of the public, including accepting any asset for safe keeping/custody; taking deposits from or granting loans to members of the public in any currency and in any form; retail sale of foreign currencies to non-individuals, except for BTA; international outward transfers; engaging in off-shore business or maintaining foreign correspondent relationship with any foreign establishment; and opening or maintaining any account with any bank or financial institution outside Nigeria among others.




Also, BDCs are required to limit the sale of FX to Personal travel allowance (PTA); Business Travel Allowance (BTA) – provided that a person who receives BTA on behalf of a non-individual entity shall not be entitled to PTA for the same period.Sale of FX by BDCs shall also be for payment of medical bills, school fees; and repurchase of unused Naira from a non-resident from whom the BDC had sourced foreign currency in the course of that visit.The bank said a beneficiary of BTA or PTA shall receive up to 25 per cent of the foreign currency in cash. In other words, at least 75 per cent of any sale of foreign currency by a BDC shall be transferred to the customer electronically (to the customer’s Nigerian domiciliary account or prepaid card).

Tap0lane:
So which country do they trade dollars on the street like Nigeria n their economy is beta than Nigeria ?

In regards to voting nonsense Bola Tinubu till his death n death of Peter Obi till eternity will remain a beta manager, it matters little if you Igbos wail blood it doesn't change the fact Tinubu will till eternity be a beta leader compare to Peter Obi.

What do your like even know about policies ?! You think we are talking about 2 by 2 shops here.

Smithkafors:



Who told you that?…you guys like supporting bad leaders and then turn around to look for who to blame.

Last year you were all over nairaland supporting Tinubu who did not attend a single interview. This makes me wonder if you guys are normal human beings?.

Now see where his policies has landed us!!!.

Smithkafors:



Who told you that?…

jesmond3945:
cbn should start handling dollar txns from now. They should also suspend banks too.