Bank

Change

Coin

<ul class="news-points">
 <li>The CBN has imposed new regulations on Bureau de Change (BDC) operators.</li>
 <li>Capital requirements for BDC operators have been increased.</li>
 <li>The BDC Operators Union has requested lower thresholds and an extended timeline.</li>
</ul>
The Central Bank of Nigeria (CBN) has tightened regulations on Bureau de Change (BDC) operators and outlawed street trading in foreign currency. According to a Bloomberg<a href="https://www.bloomberg.com/news/articles/2024-05-24/-ngn-usd-nigeria-bans-naira-street-trading-as-currency-takes-another-hit" target="_blank" rel="noopener noreferrer nofollow"> report</a>, this measure aims to stabilize the Naira and curb speculative activities.
Simultaneously, the CBN has significantly increased the capital requirements for BDC traders, emphasizing the necessity to regulate and safeguard the value of the Naira.
Speaking on the development, CBN’s Director for Risk Management, Blaise Ijebor, reiterated the prohibition of street trading in foreign currencies. On Thursday, Ijebor stated:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Street trading of foreign currencies is not allowed. “We don’t want BDCs under the trees. They should be in offices, you walk into their office, change your currency, and walk away.”
</blockquote>
The CBN has increased the capital qualification for tier-one BDC operators to 2 billion Naira ($1.4 million). Additionally, the mandatory requirement for tier-two…
The post <a href="https://coinedition.com/central-bank-of-nigerias-crypto-crackdown-intensifies-with-new-forex-rules/" rel="noopener noreferrer nofollow">Central Bank of Nigeria’s Crypto Crackdown Intensifies with New Forex Rules</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Central Bank of Nigeria’s Crypto Crackdown Intensifies with New Forex Rules

Coin Edition

Other articles published on May 24, 2024

US Inflation News: Bitcoin Rises As New Data Raises Hopes For Early Fed Rate Cuts

Solana Struggles Amid Intense Bearish Pressure at Resistance Lines: What’s Next for SOL Price

Caldera launches Guardian Nodes, creating a new path for teams to raise funds and decentralize th...

Bitcoin Whales Buy Up $1.4 Billion Worth Of BTC Amid Heightened Volatility

SolanaVM, The First EVM Compatible L2 for Solana, Raising Over $400,000 in Presale, as SEC Approv...

Top Trader's Ethereum Price Prediction Targets All-Time Highs In 2025

Join our free newsletter for daily crypto updates!