CBN Withdraws All BDC Licenses, Gives 6 Months Deadline To Recapitalise With N2bn
MONEY & MARKETS
By Philip UKPE On May 22, 2024

The Central Bank of Nigeria has withdrawn all Bureau de Change licences as it orders forex traders to reapply for fresh permits.

The operators are expected to apply for either of the two categories- ‘Tier one’ or ‘Tier two’ with a minimum capital requirement of N2bn and N500m respectively.

According to the Central Bank, BDCs have six months from the date of the release of the guidelines to apply for the new license.

The bank revealed this in the final ‘Regulatory and Supervisory Guidelines For Bureau de Change Operations In Nigeria. ‘

The apex bank had released a draft guideline in February 2024 for stakeholder inputs.

E don set

As e be traill by errors so , I have this feeling, POS operations would be ban soon.

License to be issued to Emilokans only

Banks recapitalisation next.

Trial and error

Tinubu with him patch patch CV CBN governor have wrecked this country through their trial and error, Policy flip flops

The next president from the north will cancel all these things. The solution to Nigeria is an independent electoral system leave all these ones

TKO to BDCS.

Bad and dangerous move by the government.



Tinubu, a bad man with good intentions.

Test run system of governance.
Carduso should have have been sacked or resigned if it's a Western or Asian country.

This will cripple the Northern oligarchs a little 😊

Please let us have positive real interest rates and stop chasing shadows.

They call him patch patch , Someone that was deputy to Emifiele their HERO, I noticed when naira gained strength last month they were silent. Mr governor do everything you can we’re behind you. Emergency lovers of zoo don’t matter we’re used to their noise making,

Few days one them were mocking the presidency that Dubai ditched his visit and refused the visa ban , today another one is crying after the ban was relaxed, imagine taking such toxic people serious it’ll deteriorate your health they ain’t worth it.

Yes

At least this time , they won't run away with customers money like last time

Make them.have a relevant stake in their business AND ALSO make sure that the amount they should be given in dollars (per month, per week...etc) should not pass the amount they invested to get their new licence. This part is left for the CBN brainers to figure out


Although this won't still solve the inflation crisis in the country.

INSURGENCY is the elephant in the pool and it's big enough for even the blind to see
https://www.nairaland.com/8081414/nigerias-inflation-state-federal-governments

BDC has been the poison child of the CBN

Time to throw the child and the bath water away and give birth to another child

myright:
CBN Withdraws All BDC Licenses, Gives 6 Months Deadline To Recapitalise With N2bn
MONEY & MARKETS
By Philip UKPE On May 22, 2024

The Central Bank of Nigeria has withdrawn all Bureau de Change licences as it orders forex traders to reapply for fresh permits.

The operators are expected to apply for either of the two categories- ‘Tier one’ or ‘Tier two’ with a minimum capital requirement of N2bn and N500m respectively.

According to the Central Bank, BDCs have six months from the date of the release of the guidelines to apply for the new license.

The bank revealed this in the final ‘Regulatory and Supervisory Guidelines For Bureau de Change Operations In Nigeria. ‘

The apex bank had released a draft guideline in February 2024 for stakeholder inputs.

LibertyRep:
Banks recapitalisation next.

Trial and error

They started that first.

The target is 500 billion.

Ofunaofu:
Tinubu with him patch patch CV CBN governor have wrecked this country through their trial and error, Policy flip flops

This one na Error by Foolishness 😕😕😕
Just wait and see how Dollar go sky rocket 🚀🚀🚀 again !

anonymous1759:
They call him patch patch , Someone that was deputy to Emifiele their HERO, I noticed when naira gained strength last month they were silent. Mr governor do everything you can we’re behind you. Emergency lovers of zoo don’t matter we’re used to their noise making,

Few days one them were mocking the presidency that Dubai ditched his visit and refused the visa ban , today another one is crying after the ban was relaxed, imagine taking such toxic people serious it’ll deteriorate your health they ain’t worth it.

He was deputy to Emefiele but could not learn from the mistakes of Emefiele...

He has even done more damage than Emefiele

The Floating of the Naira was a HUGE MISTAKE

If you give him the opportunity, he would not repeat that mistake.

Great Economies around the world have a level of control over their currency and don't allow so called "market forces" to determine the value of their currency.... Ask China

For years, the Chinese Yuan was pegged at a certain rate and not floated because they are well aware of the dangers to their economy if they float their currency.

Yemi Cardozo may mean well for the economy, but his policies thus far have not really done much wonders.

But with time, I want to believe that things will get better.

Kudos to him for the recent crackdown on the so called market forces (Speculators) that were hoarding dollars.

Las las..... Nigeria go better.

most likely, the naira will fall even further. i won't be surprised if it reaches 1900 again. because now the banks will be the only ones selling dollars, the million dollar question is do they have the capacity and enough dollars to satisfy the market?

anonymous1759:
They call him patch patch , Someone that was deputy to Emifiele their HERO, I noticed when naira gained strength last month they were silent. Mr governor do everything you can we’re behind you. Emergency lovers of zoo don’t matter we’re used to their noise making,

Few days one them were mocking the presidency that Dubai ditched his visit and refused the visa ban , today another one is crying after the ban was relaxed, imagine taking such toxic people serious it’ll deteriorate your health they ain’t worth it.

same emefiele that is currently languishing in prison?

Honestly what he has been doing is nothing short of kalo kalo.

How can you revitalize these people few months ago,use our reserves to boost their business only for you to cancel within months without any explanation? What does this tell an investor about our monetary policies and our economy?


Make una no dey defend rubbish in the name of party , religion or tribal sentiments

The moment this clueless, incompetent Patch patch CBN gov was busted by Bloomberg for back door FX fixing, Naira started it's destined downward descent again!

What goy me laughing was extremely responsive, intelligent Central Bank officials in the West seeking to know the abracadabra patch patch did to make the worse performing currency to be among the top five, hahahaha 🤣🤣🤣🤣 they didn't look far enough before finding out that the nigga was blending mafiaso tactics through Efcc chairman and also, shoring up the market artificially!

Beside this, Patch patch CBN gov and Policy inconsistency na 5&6. Exactly what Total boss hinted on! No tact, no thorough think through, just wake up one morning, eat enough dose of 🌽 corn and cassava, then implement Bulablu Economic recovery policy that's at best foolish!

Na you revalidate them months ago with new requirements. Na you dey withdraw license...

See bruhnnn.... ronuism fit land you for Aso Rock, ronuism no go help you do the job!

myright:
CBN Withdraws All BDC Licenses, Gives 6 Months Deadline To Recapitalise With N2bn
MONEY & MARKETS
By Philip UKPE On May 22, 2024

The Central Bank of Nigeria has withdrawn all Bureau de Change licences as it orders forex traders to reapply for fresh permits.

The operators are expected to apply for either of the two categories- ‘Tier one’ or ‘Tier two’ with a minimum capital requirement of N2bn and N500m respectively.

According to the Central Bank, BDCs have six months from the date of the release of the guidelines to apply for the new license.

The bank revealed this in the final ‘Regulatory and Supervisory Guidelines For Bureau de Change Operations In Nigeria. ‘

The apex bank had released a draft guideline in February 2024 for stakeholder inputs.

Excellent. These guys are too overdependent on CBN, Banks and looted funds from politicians for their operations. Every financial institution has to be technically and financially competent to meet statutory functions. unfortunately, the BDCs are acting like freeloaders like oil marketers and DISCOs always waiting for free support from the government and then make huge profits from the public. this move will determine who's serious for business. no more freebies. God bless Cardoso.

When people don't understand Capitalism they work like mumu.....

The moment you can not localize your economy you lose steam.

See how you build an economy. Use the Igbo Apprenticeship system.

Oga through ruggedity make it to the city and set up shop by hook or by crook.

Five years later, he thinks expansion, he goes local. Brings a boyi.

Two years later, he brings another.

Three years later, h brings yet another.
Total = 5 years. The first one is due t be set free. Oga ask him to set up shop in another district. Oga shop is not left idle because two other people are there to tend to business.

Oga goes abroad and brag about how big and strong he is with large expansion. He is trusted with more containers of goods.

The boyi who was settled with few money now has a new partner who can trust him with goods on credit too.....the cycle continues. Oga grows richer, boyi joins the big boys a d start balling too. Before you know, more than ten hitherto poor boys have been elevated from poverty to at least average living!

Igbos no get space for free cash in their system.

All through the training as a boyi, the boy will have just one trousers, one short, one slippers and one shoe! Oyibo calls this austerity measures!

Nigerians and their Gov will rather borrow than don in austerity measures!

Cbn governor wit patch patch cv

License to be issued to people only ... Umm, need help with your academic papers? Contact us.

BigkokoRep:
When people don't understand Capitalism they work like mumu.....

The moment you can not localize your economy you lose steam.

See how you build an economy. Use the Igbo Apprenticeship system.

Oga through ruggedity make it to the city and set up shop by hook or by crook.

Five years later, he thinks expansion, he goes local. Brings a boyi.

Two years later, he brings another.

Three years later, h brings yet another.
Total = 5 years. The first one is due t be set free. Oga ask him to set up shop in another district. Oga shop is not left idle because two other people are there to tend to business.

Oga goes abroad and brag about how big and strong he is with large expansion. He is trusted with more containers of goods.

The boyi who was settled with few money now has a new partner who can trust him with goods on credit too.....the cycle continues. Oga grows richer, boyi joins the big boys a d start balling too. Before you know, more than ten hitherto poor boys have been elevated from poverty to at least average living!

Igbos no get space for free cash in their system.

All through the training as a boyi, the boy will have just one trousers, one short, one slippers and one shoe! Oyibo calls this austerity measures!

Nigerians and their Gov will rather borrow than don in austerity measures!

Make Igbos de give Nigerians holiday from arrogant boasting. You have this perfect system weyyour 5 states no make am at all. Relax and shut up my guy. They way you people boast one will think SE is better than Europe. When it is dragging with NE for position.

...


Next is to go after those operating dorm accounts..

Hezzyluv:
As e be traill by errors so , I have this feeling, POS operations would be ban soon.

Allowing POS to operate is even an error on it own, the idear of agency banking is to brings bank to the remote areas where people cannot assess bank but today even in the front of ATM monies point agents has their stand, Nigeria is messed up big time.

Bruhnnn no be we say make una no get anything to boast with!

No be we say make brown roof full una region.

No be we say make una dey feel so intimidated when people boast of wetin them get!

Come SE villages, come see wetin small boys dey build. Houses they got through hustle...

No be mouth....even me with all my soft life since kindergarten, I also did boyi for my cousin.... That singular austere period contributed in making me the Int'l Business man I'm today!

So keep your smelling, yellowish mouth shut...

2mch:

Make Igbos de give Nigerians holiday from arrogant boasting. You have this perfect system weyyour 5 states no make am at all. Relax and shut up my guy. They way you people boast one will think SE is better than Europe. When it is dragging with NE for position.