FinanceForeign Exchange

How to buy and sell dollars in Nigeria – requirements, license, things you need

This article will give you the information you need to know regarding how to buy and sell dollars in Nigeria. We will also talk about the requirements and details about obtaining the license.

There are several questions we will provide answers to concerning how to buy and sell dollars in Nigeria.

  • How do I get my BDC license?
  • How do I start a currency exchange business?
  • How much is BDC license in Nigeria?
  • How many BDCS are in Nigeria?
  • What is BDC license?
  • What is BDC Nigeria?
  • Is bureau de change profitable in Nigeria?
  • What company is BDC? Information Guide Nigeria

How to buy and sell dollars in Nigeria - requirements, license, things you need

Buying and Selling dollars and foreign currencies in Nigeria

Buying and selling of dollars and other foreign currencies is one of the most lucrative businesses in Nigeria. This is because of the incessant demand for the United States dollars by Nigerian businessmen and women, politicians, and students planning to study abroad.

Nigeria is an import-dependent country, this is why the business of buying and selling of dollars and other foreign currencies is booming and very profitable. The daily demand for foreign currencies in Nigeria has always been on the increase and this makes the business of buying and selling of dollars and other currencies very lucrative.

However, due to the sensitive nature of the business, not everyone is authorized to buy and sell foreign currencies in Nigeria. You must meet certain requirements and conditions to be able to buy and sell dollars and other foreign currencies in Nigeria. buy and sell dollars

How do I start a currency exchange business?

Starting a currency business in Nigeria has certain requirements. One thing you must understand is that apart from the commercial banks that are authorized to buy and sell foreign currencies, you would need to become a Bureau de Change operator in Nigeria to be officially allowed to buy and sell dollars in Nigeria. 10 Reasons for Dollar Shortage in Nigeria

Until recently, it was possible for registered and licensed Bureau de Change operators in Nigeria to buy dollars at the official rate from the Central Bank of Nigeria and sell at dollar to naira black market rate.

However, the apex bank recently banned the sales of dollars and other foreign currencies to Bureau de Change operators. The CBN accused them of masterminding and promoting money laundering in the country.

They were also accused of negatively affecting the stability of the naira currency by selling foreign currencies at very high exchange rates.

However, to start a currency exchange business in Nigeria, you must be registered as a Bureau de Change operator. TOP 10 RICHEST KINGS IN NIGERIA

What is BDC Nigeria?

BDC Nigeria simply stands for Bureau de Change operators in Nigeria. The BDC is a retail foreign currency exchanger specializing in the business of Personal Travel Allowance, Business Travel Allowance, payment of foreign school fees, and payment of foreign medical bills, which are approved by the apex bank. Npower recruitment

The Bureau de Change plays an important role in the Nigerian foreign exchange market. Just like the global mandate of the BDC is, they cater for the pocket foreign exchange demand of individuals and small and medium-sized enterprises in Nigeria.

Their reach and accessibility made it convenient for several people to carry out foreign exchange transactions in the country. However, the few bad eggs among them blatantly abused this privilege and mandate by indulging in fraudulent and greedy practices which promoted corruption and money laundering.

This is why the CBN banned the sales of dollars to the Bureau de Change operators.

What company is BDC?

A Bureau de Change (BDC) company is a retail foreign currency exchanger specializing in the business of Personal Travel Allowance, Business Travel Allowance, payment of foreign school fees, and payment of foreign medical bills, which are approved by the apex bank.

Is bureau de change profitable in Nigeria?

The Bureau de Change business is a very lucrative business and the patronage is high in Nigeria. The business is like someone starting a mini bank business. Once an individual can meet the requirements, hitting hundreds of millions will become a reality in no time. It is a business that requires accountability, transparency, and liquidity. dollar to naira rate

How many BDCS are in Nigeria?

As at the last list which was released by the Central Bank of Nigeria, a total of 3147 Bureau de Change operators are working in Nigeria, these operators are spread all over the country.

How much is BDC license in Nigeria?

To get licensed as a Bureau de Change operator in Nigeria, the company has to pay a non-refundable fee of N1 million. The company is also required to have a minimum capital of N35 million in CBN before being granted the license. WAEC result

How do I get my BDC license?

Applying for BDC license is of two stages. The two stages are Approval-in-Principle (AIP), and Final License. JAMB form

To apply for the Approval-in-Principle, the company must submit a formal application to the Governor of CBN requesting for Approval in Principle to be granted to the company to carry on Bureau de Change business in Nigeria.

A non-refundable fee of N100,000, and evidence of payment of minimum capital of N35 million which must have been paid into a designated account in CBN.

The company must submit a copy of their business plan or feasibility study which will include the objectives and mission of the proposed BDC, the proposed BDC’s offered need gap in services and other relevant documents.

Once the Approval-in-Principle has been granted, the company is required to apply for the final licence within six months.

To apply for the Final Licence, the company must submit an application for the grant of final licence, it should be addressed to the CBN Governor, Abuja.

The application letter should be accompanied with evidence of non-refundable licensing fee payment of N1 million. Details and CVs of top management members of the proposed Bureau de Change company should be attached, as well as evidence of incorporation with CAC, and evidence of suitable office accommodation.

Once the requirements have been met, the CBN can grant the final licence to the Bureau de Change company, this is when you can officially buy and sell dollars and other currencies in Nigeria. JAMB Result

Check and Confirm: How much is Dollar to Naira today

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Ifiokobong Ibanga

Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. You can get in touch with him on Instagram @ifiokobong. If you need a personal assistance on this topic, kindly send a message. Much Love!

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