
HOW TO START A BUREAU DE CHANGE IN NIGERIA
- Posted by Kindness
- On July 12, 2020
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
- 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.
- The names, designations and signed Curricula Vitae (CV) of the proposed Members of the top management.
- Evidence of incorporation of the company with CAC.
- Evidence of payment of N35 million mandatory caution deposits into a designated CBN account.
- 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
- Engaging in off-shore business or maintaining foreign correspondence relationship.
- Engaging in any trade related import activities.
- Maintaining a foreign account in whatever form.
- Round-tripping of foreign exchange [currency] acquired through the CBN window.
- Street trading of foreign exchange.
- 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
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