{"id":20739,"date":"2024-02-24T09:41:41","date_gmt":"2024-02-24T09:41:41","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=20739"},"modified":"2024-02-24T09:41:41","modified_gmt":"2024-02-24T09:41:41","slug":"cbn-hikes-bdc-license-fees-to-n2bn","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/02\/24\/cbn-hikes-bdc-license-fees-to-n2bn\/","title":{"rendered":"CBN Hikes BDC License Fees To N2bn"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has increased the license fees for Bureau De Change (BDCs) dramatically, with Tier 1 BDCs now required to have a capital requirement of N2 billion, representing a 13,233.33 percent hike from the previous fee.<\/p>\n<p>The move aims to address the ongoing foreign exchange crisis in the country.<\/p>\n<p>BDCs are now prohibited from having ownership stakes from banks, government agencies, or NGOs.<\/p>\n<p>They can source foreign currencies from authorized dealers, travelers, hotels, and embassies, while sales are restricted to purposes such as travel and medical bills, with a requirement for electronic transfers for 75 percent of transactions.<\/p>\n<p>The guidelines also outline standards for Tier 1 BDCs appointing franchises and set prudential requirements for all BDCs.<\/p>\n<p>Additionally, the CBN announced new measures regarding the FX rate for Import Duty Assessment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has increased the license fees for Bureau De Change (BDCs) dramatically, with Tier 1 BDCs now required to have a capital requirement of N2 billion, representing a 13,233.33 percent hike from the previous fee. The move aims to address the ongoing foreign exchange crisis in the country. BDCs are [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":20740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-20739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/20739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=20739"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/20739\/revisions"}],"predecessor-version":[{"id":20741,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/20739\/revisions\/20741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/20740"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=20739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=20739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=20739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}