Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has directed all current Bureau De Change (BDC) operators to re-apply for new licenses in their chosen categories.
This directive was announced on Wednesday in a circular issued by the apex bank, signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department.
The BDCs are also required to fulfill the capital requirements for their respective license categories within six months.
The Central Bank of Nigeria has directed all current Bureau De Change (BDC) operators to re-apply for new licenses in their chosen categories.
This directive was announced on Wednesday in a circular issued by the apex bank, signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department.
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The BDCs are also required to fulfill the capital requirements for their respective license categories within six months.
In another report, a the monetary policy committee of the Central Bank of Nigeria (CBN) yesterday raised interest rates from 24.75 percent to 26.25 percent.
Olayemi Cardoso, CBN’s governor, announced the rate adjustment at a news conference on Tuesday during the committee’s 295th meeting in Abuja.
This is the third consecutive time the apex bank will be raising the benchmark rate this year.
The apex bank has now raised interest rates 11 consecutive times since May 2022 in a bid to rein inflation.
However, between May 2022 and April 2024, inflation soared from 17.71 percent to 33.69 percent.
Speaking to journalists, Cardoso said the committee retained the asymmetric corridor at +100 basis points and -300 basis points around the MPR.
He said MPC also retained the cash reserve ratio (CRR) at 45 percent for deposit money banks (DMBs) and 14 percent for merchant banks.
According to the apex bank governor, the liquidity ratio (LR) was left unchanged at 30 percent.