A Bureau De Change is a retail foreign exchange dealer, safe to say, a Bureau De Change buys and sells currencies, it is indeed a  very lucrative business  but  just like any other financial institution it’s running and activities are regulated primarily  by the Central Bank of Nigeria(CBN) . Under the Nigerian law you cannot start and run a Bureau De Change without obtaining authorization from the central Bank of Nigeria.

The first step toward owning a Bureau De Change business is to make an Application for approval and licensing  to the central bank of Nigeria .

Below are the vital information to guide you if you are interested in running this business in Nigeria.

REQUIREMENTS FOR LICENCING OF A BUREAU DE CHANGE IN NIGERIA

1. Evidence of payment of a non-refundable licensing fee of N1 million (one million naira) only or any other amount as may be determined by the CBN from time to time.
2. The names, designations and signed Curricula Vitae (CV) of the proposed Members of the top management.
3. Evidence of incorporation of the company with CAC.
4. Evidence of payment of N35 million mandatory caution deposits into a designated CBN account.
5. Evidence of having suitable office accommodation for the operation of the proposed Bureau De Change.

WHO IS QUALIFIED TO RUN A BUREAU DE CHANGE IN NIGERIA?

To  run  a Bureau De Change in nigeria you need a minimum of three {3} and a maximum of 5 directors.

The managing director should be a graduate with first degree in any field  and with at least 3 years post graduate experience.

ACTIVITIES A BUREAU DE CHANGE IS NOT PERMITTED TO ENGAGE IN

1. Engaging in off-shore business or maintaining foreign correspondence relationship.
2. Engaging in any trade related import activities.
3. Maintaining a foreign account in whatever form.
4. Round-tripping of foreign exchange [currency] acquired through the CBN window.
5. Street trading of foreign exchange.
6. Carrying on capital market activities.

-kindness Nduba Esq

Is a business and intellectual property lawyer and the founder bizreg.ng

For further inquiries on how to register and get license for your bureau De Change.

call +2348132434622