CBN Trains New BDC Operators on Transparency, Oversight

CBN Trains New BDC Operators on Transparency, Oversight

The Central Bank of Nigeria (CBN) has taken a major step towards advancing reforms in the foreign exchange market by training new Bureau de Change (BDC) operators.

The two-day capacity-building program for newly licensed BDC operators was coordinated by the Financial Policy and Regulation Department (FPR) with other key departments. The engagement aimed to enhance understanding of the Revised Regulatory and Supervisory Guidelines for BDC Operations, 2024, and ensure effective implementation across the industry.

The Director of the FPR, Dr. Rita Sike, described the program as a major step towards advancing reforms to promote transparency, strengthen oversight, and improve market conduct in the foreign exchange market. She emphasized that the new generation of licensed operators offers an opportunity to raise standards and build public confidence in the sector.

Dr. Sike stressed the importance of compliance, noting that it is essential not only for meeting regulatory requirements but also for maintaining the integrity and stability of Nigeria's financial system. The participants at the program included representatives from the Nigerian Financial Intelligence Unit (NFIU), Federal Airports Authority of Nigeria (FAAN), Nigeria Inter-Bank Settlement System (NIBSS), and Travelex Nigeria Limited.

The program featured technical sessions on key regulatory and operational frameworks, delivered by the CBN and other stakeholders. Acting Director of the Development and Financial Institutions Supervision Department, CBN, Ali Mairami, urged participants to apply the knowledge gained to ensure professionalism, accountability, and compliance in their operations.

According to the CBN, the new BDC operators were licensed to operate in Nigeria's foreign exchange market. The move is expected to boost transparency and oversight in the sector, as well as raise standards and build public confidence.

The CBN has intensified efforts to build a more transparent and resilient foreign exchange market. The training program for new BDC operators is part of the efforts to promote transparency, strengthen oversight, and improve market conduct in the foreign exchange market.

The CBN has also implemented measures to enhance the efficiency of the foreign exchange market. The measures include the introduction of a new FX window and the implementation of a robust monitoring system to track transactions.

The CBN's efforts to develop a more transparent and resilient foreign exchange market are expected to have a positive impact on the economy. The training program for new BDC operators is a significant step towards achieving this goal.

The CBN has also taken steps to address the challenges facing the foreign exchange market. The challenges include the need to improve transparency and oversight, as well as the need to raise standards and build public confidence in the sector.

The CBN's efforts to develop a more transparent and resilient foreign exchange market are expected to have a positive impact on the economy. The training program for new BDC operators is a significant step towards achieving this goal.