Nigeria Increases Capital Requirements for Currency Dealers Nearly Sixtyfold to $1.4 Million

Nigeria Increases Capital Requirements for Currency Dealers Nearly Sixtyfold to $1.4 Million

The Central Bank of Nigeria has increased the capital requirements for national bureau de change operators from approximately $24,000 to $1.4 million. The central bank has given operators a six-month period to comply and they must apply for new licenses. The bank’s director for risk management stated that street trading of foreign exchange is now […]