₦airaland Forum

Happy Good Friday to all my Nairalanders, i have searched the net, am tired, please kindly state the requirement for setting up a Burea De Change in Nigeria, any valuable help& comments will be highly appreciated. thank you!

Hi, when I did mine in 2008 I paid:

1. N10m mandatory application money to CBN (refundable on approval). This draft must be submitted with your application.
2. N10,000 Application/processing fee
3. After Interim Approval you have to incorporate your company with CAC with a share capital of N10m. Cost is approximately N400k (due to stamp duty)
4. You then joined the Association of Bureau De Change Operatiors of Nigeria (ABCON), By the time they add all their fees its approx N600k. Approval letter from the Association is mandatory before you can get your final approval.
5. Inspectors will come to inspect the building you proposed to do business in (cost nothing, just entertainment money).
6. Once approved you have to leave N500k mandatory deposit with Central Bank of Nigeria (CBN), you will get interest on this half yearly.

On receipt of your final approval you are then ready to start bidding from CBN. Bidding means you wire Naira on Monday morning before noon and collect dollars ($50k) on Wednesdays. BEFORE YOU CAN DO THIS YOU WILL NEED TO REMIT $20,000 to CBN account in the USA. Dont ask me why USA. You can use part of the N10m refunded to you to do this.

By and large book N3.5m for processing, I dont think you can do it cheaper.

You have just missed the recent gate opened by the CBN to submit new applications, deadline was 31st March, 2010, but you can still try your luck.

May be you should just buy one for sale.

If you need help send email to cs@prominencebdc.com

Thank you so much for your prompt and priceless response, God will bless you for being a blessing to me!

Please, is this still the current position?

Naija4ward:
Hi, when I did mine in 2008 I paid:

1. N10m mandatory application money to CBN (refundable on approval). This draft must be submitted with your application.
2. N10,000 Application/processing fee
3. After Interim Approval you have to incorporate your company with CAC with a share capital of N10m. Cost is approximately N400k (due to stamp duty)
4. You then joined the Association of Bureau De Change Operatiors of Nigeria (ABCON), By the time they add all their fees its approx N600k. Approval letter from the Association is mandatory before you can get your final approval.
5. Inspectors will come to inspect the building you proposed to do business in (cost nothing, just entertainment money).
6. Once approved you have to leave N500k mandatory deposit with Central Bank of Nigeria (CBN), you will get interest on this half yearly.

On receipt of your final approval you are then ready to start bidding from CBN. Bidding means you wire Naira on Monday morning before noon and collect dollars ($50k) on Wednesdays. BEFORE YOU CAN DO THIS YOU WILL NEED TO REMIT $20,000 to CBN account in the USA. Dont ask me why USA. You can use part of the N10m refunded to you to do this.

By and large book N3.5m for processing, I dont think you can do it cheaper.

You have just missed the recent gate opened by the CBN to submit new applications, deadline was 31st March, 2010, but you can still try your luck.

May be you should just buy one for sale.

If you need help send email to cs@prominencebdc.com