The Central Bank of Nigeria released a new set of operational guidelines for Bureaux De Change operators in Nigeria. The guidelines set out to regulate the industry that has for years been seen to be a conduit of round tripping and illegal sale of foreign currency in Nigeria as far as the black market is concerned.
The guidelines which can be found here contained several requirements among which was what the composition of the Board of a BDC should be. According to clause 5.14, 5.21 and 5.22 of the guidelines, Management staff and other senior officers of the BDC shall possess the following;
For Managing Director
The qualifications and experiences of the Managing Director/CEO shall be first degree or its equivalent in any discipline with three (3) years post-graduation experience.
Other Management Staff
The minimum qualifications and experience shall be first degree or its equivalent in any discipline with two (2) years post-graduation experience.
The implication of this move suggests that the CBN is looking to limit the management of the BDC to graduates of a tertiary institution. Analyst are however quick to point out that most BDC operators were founded by people who did not necessarily have academic qualifications especially at the tertiary level and yet have been able to successfully run the business for decades.
It is extra ordinary that one has to be a graduate to be able to run a BDC. As rightly stated in the main article, BDC have been successfully run by people with not necessarily degree. One does not need a degree to be the president of Nigeria, however, you cannot be the chief executive of a BDC if this new requirement is accepted.
Some of the policies that come out from some of these institutions are just beyond comprehension. There must be a hidden Agenda here for I find this extra ordinary.