Nigeria - Apply For a Forex Bureau License

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Procedure

Apply In-Person:

1. To apply for a Forex Bureau license in person, the applicant has to make an application to the Director of the Financial Policy and Regulation Department (FPRD) in the Central Bank of Nigeria.
2. The contact link of the Central Bank of Nigeria can be found below: contact link
3. Visit the office of CBN with an application letter for the grant of a licence to carry on the business of a Bureau De Change in Nigeria.
4. The application should be addressed to the Director of Financial Policy and Regulation Department, Central Bank of Nigeria.
5. Also, make sure that you have all the documents listed in the “Required Documents” section of this page.
6. Attach all the documents with the application letter and submit it to the Director of Financial Policy and Regulation Department.
7. After assessing the application and attached documents, CBN will initially issue an Approval-In-Principle (AIP).
8. Not later than six months after the grant of A.I.P, the promoters of a proposed bank will receive a formal notification instructing to submit an application for the grant of final license.
   
9. The application should also contain some of the documents in support for the grant of the final license, addressed to the Director of Financial Policy and Regulation Department, Central Bank of Nigeria.
10. Once the verifications of all the documents and application has been done, the applicant will be informed through phone or email to collect the final license.
    

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Required Documents

• Formal application letter
• Application fees
• Proof of minimum capital deposit with CBN
• Feasibility Report
• Incorporation Certificate
• Board Resolution
• Names and addresses of owners/directors
• Audited accounts and reports of the company (last three years)
• Memorandum and Articles of Association (Certified True Copy)
• Forms CO2 and CO7
  

Please refer the following document for more details: requirements link

Office Locations & Contacts

Central Bank of Nigeria - Head Office,
Plot 33, Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,
Abuja, Federal Capital Territory, Nigeria
P.M.B. 0187, Garki Abuja.
Nigeria
Phone: +234 700 225 5226
Toll free line: +234 800 225 5226
Email: [email protected]
Website: Link

Eligibility

Any organization in Nigeria, that intends to set up a Forex Bureau or Bureau De Change, can apply.

Fees

The applicant should pay a non-refundable application fee of N100,000 and non-refundable licensing fee of N1 million.

Validity

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e.g. Birth Certificate Valid Forever

Documents to Use

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Processing Time

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Related Videos

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Instructions

• Applicants are advised to complete the application form neatly and completely with absolute legibility and appropriateness to avoid rejections.
• Also, all the required documents must be furnished completely.
• Applicants are advised to refer the following document for complete application guidelines: – guidelines
  

Required Information

• Business name
• Registration number
• Incorporation particulars
• Full Address of the premises
• Share capital
• Identity document numbers of the directors
• Identity document numbers of the shareholders
• Phone number
• Email address
• Banking details
  

Need for the Document

It is mandatory for an organization to obtain a Forex Bureau license from the Central Bank of Nigeria for establishing itself as a Forex Bureau or Bureau De Change which deals with conversion of one country’s currency into another.

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Other uses of the Document/Certificate

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External Links

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