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2,699 Bureau De Changes meet new CBN requirements

TVC [ABUJA] – The Central Bank of Nigeria (CBN) has confirmed that 2,699 Bureau De Change (BDCs) complied with the new requirements for operations in the country as at 31st December 2015.

The apex bank published a list of the confirmed BDCs entitled, “Confirmed BDC in compliance the new requirements for the operations of BDCs in Nigeria as at December 31, 2015”, on its website.

It would be recalled that the CBN had in September published a list of 2,765 licensed BDCs, which it said had complied with its new N35 million capitalisation requirements and another N35 million cautionary deposit for operators.

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There were 3,208 registered BDCs in the country before the expiration of the deadline on July 31 2014 for operators to recapitalise.

It will also be recalled that CBN had in a statement in June 2014, revised upward the minimum capital requirement for Bureau de Change (BDC) operations in Nigeria from N10 million to N35 million.

The regulator said it introduced the new requirements in a bid to correct observed deficiencies in the operation of BDCs in Nigeria, which it noted had led to gross inefficiency and sharp practices in the foreign exchange market, rent-seeking, depletion of the external reserves, financing of unauthorised transactions and dollarisation, among others.

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CBN also reviewed the mandatory cautionary deposit for BDCs to N35 million, adding that the fee shall be deposited in a non-interest yielding account in the CBN upon the grant of approval-in-principle.

In addition, while the application fee was raised to N100,000, the licensing fee to N1 million, the annual renewal fee for the forex dealers was also increased to N250,000.

All existing BDCs and those currently operating with a final approval letter were expected to comply with the new mandatory cautionary deposit requirements.

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Also last month, CBN published revised guidelines for the operations of BDCs which ordered BDCs to close all branches within 90 days, saying branch operations is no longer allowed in the subsector.

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