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The Central Bank of Nigeria (CBN) has announced the extension, by 16 days, of the time given to Bureau De Change (BDC) operators in the country to meet the new capital requirement of N35 million.
The new requirement was announced on June 23, with operators given a deadline of July 15 to comply.
However, in a circular sent out today to BDC operators, Kevin N. Amugo, CBN’s Director, Financial Policy and Regulation Department, said: “Deadline for compliance with the New Licensing Requirements has been extended to July 31, 2014.”
According to the circular, a copy of which is in the possession of News Express, “Interest will be paid on the mandatory cautionary deposit of N35 million, based on banking industry savings account rate;
“The Central Bank of Nigeria, on the expiration of the deadline of July 31, 2014, will cease to fund any Bureau De Change that fails to comply with the new requirements; and
“Only Bureaux De Change that meet the new requirements will qualify to be engaged as Agent by the licensed International Money Transfer Operators for inward and outward money transfer business in Nigeria.
“Meanwhile, all BDCs that paid the mandatory caution deposit of N500,000.00 to the CBN prior to 2009, are advised to apply for their refund.”
•Photo shows CBN Governor Godwin Emefiele.
