In New Regulatory Intervention, CBN Orders BDCs to Reapply for Operating Licences Approves new minimum capital thresholds of N2bn, N500m for national, state operators, respectively Issues six months’ deadline for compliance
James Emejo in Abuja
The Central Bank of Nigeria (CBN) yesterday ordered all existing Bureau
De Change (BDCs) operators in the country and promoters of new entrants to reapply for new operating licenses of their choice.
The directive came as the apex bank introduced fresh regulatory and supervisory guidelines for BDC operations, setting a new licensing
regime and capital requirement for the sub-sector. The framework categorised BDCs into Tiers One and Two, adding
that while the former may operate in any state of the federation and the Federal Capital Territory (FCT), the latter is permitted to operate
only in one state of the federation or the FCT. Continued on page 9
LCCI: Inflationary Pressure, Interest Rate Hike Overheating Economy, Undermining Industrial Productivity... Page 10 Thursday 23 May, 2024 Vol 29. No 10634. Price: N400
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Fubara: With $28.4bn GDP Comparable to Rwanda, Botswana, Rivers Open for Business... Page 6
British PM Sunak Announces UK General Election for July, Earlier Than Expected Emmanuel Addeh in Abuja
Prime Minister Rishi Sunak has called a summer UK general election to take
place on Thursday 4 July, months earlier than expected by the country. He had been widely expected to wait until the autumn before
triggering the poll, which does not legally have to be held until January 2025. But in a surprise move, he announced the first July election
since 1945. “Earlier today, I spoke with His Majesty, the king, to request the dissolution of Parliament. The
king has granted this request and we will have a general election on the 4th of July. “This election will take place
at a time when the world is more dangerous than it has been since the Continued on page 9
Tinubu: Africa Must Set Up Regional Standby Forces against Coup, Terrorism, Extremism ECOWAS parliament adopts three protocols for smooth operations Obasanjo wants continent to re-examine its model of democracy
Story on page 9
Strategic partnership on power delivery in Nigeria...
Managing Director/CEO, Rural Electrification Agency (REA), Abba Aliyu (left) and Co-founder and CEO of Husk Power, Manoj Sinha, at the signing of MOU between the two entities for strategic partnership on power delivery in Nigeria, in Lagos... yesterday
Tuggar Meets Blinken in Washington D.C...
Minister of Foreign Affairs, Yusuf Tuggar (l) and United States Secretary of State, Antony Blinken, in Washington D.C...last Friday