The Central Bank of Nigeria 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 amid efforts to defend the naira against the dollar at foreign exchange market.
On Wednesday, the apex bank disclosed this in its latest
guideline to BDC operators.
Recall 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.
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