THE FUTURE OF REGULATORY COMPLIANCE FOR BUREAU DE CHANGE COMPANIES IN NIGERIA
In International trade, goods and services are traded across national boundaries, however, the currency of one country is not acceptable in other countries as legal tender. This creates the problem of payment. Therefore, the payments for imports have to be made in currency of the exporting country in the foreign exchange market. This gives birth to the bureau de change or currency exchange business.
Bureau De Change (BDC) is defined by the Central Bank of Nigeria (CBN) manual as a retail foreign exchange dealer carrying on the business of Personal Travel Allowance (PTA), Business Travel Allowance (BTA), medical and school fees, and also to carrying on inward and outward transfer.
The primary regulatory body governing BDC operations in Nigeria is the CBN. It issues guidelines and regulations that BDCs must adhere to, aimed at ensuring transparency, stability, and integrity in the foreign exchange market. Every BDC must be a member of the Association of Bureau de change of Nigeria (ABCON).
For further discussion and assistance with filing any of your organization’s compliance returns to the Corporate Affairs Commission, as well as providing you with Board Evaluation and Nominee services, please contact us at contact@firstfiduciary.ng or any of the team member below:
Frances Nwakobi-Onuigbo
frances.nwakobi@firstfiduciary.ng
+234 803 738 4994
Elizabeth Adedayo
elizabeth.adedayo@firstfiduciary.ng
+234 810 465 2726
