- The CBN has imposed new regulations on Bureau de Change (BDC) operators.
- Capital requirements for BDC operators have been increased.
- The BDC Operators Union has requested lower thresholds and an extended timeline.
The Central Bank of Nigeria (CBN) has tightened regulations on Bureau de Change (BDC) operators and outlawed street trading in foreign currency. According to a Bloomberg report, this measure aims to stabilize the Naira and curb speculative activities.
Simultaneously, the CBN has significantly increased the capital requirements for BDC traders, emphasizing the necessity to regulate and safeguard the value of the Naira.
Speaking on the development, CBN’s Director for Risk Management, Blaise Ijebor, reiterated the prohibition of street trading in foreign currencies. On Thursday, Ijebor stated:
“Street trading of foreign currencies is not allowed. “We don’t want BDCs under the trees. They should be in offices, you walk into their office, change your currency, and walk away.”
The CBN has increased the capital qualification for tier-one BDC operators to 2 billion Naira ($1.4 million). Additionally, the mandatory requirement for tier-two…
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