CBN registers 2,688 Bureau De Change

The Central Bank of Nigeria (CBN) says it has registered 2,688 Bureau De Change (BDC) operators in the country. The CBN said this in a circular issued and released to all the BDC operators by the Financial Policy and Regulation Department of the bank on Thursday.
According to the circular, the list contains the names of confirmed operators that have complied with its new requirements on recapitalisation.

NAN recalls that the CBN had in August 2014 released the names of 2,442 BDC operators and later in February 2015, published a list of 2,586 licensed BDC firms. There were 3,208 registered BDC operators in the country before the expiration of the deadline.

 The CBN on June 23, 2014 announced a new minimum capital requirement of N35 million for the operation of BDC in Nigeria, up from N10 million that it was previously. In order to ensure that the forex dealers comply with the new capital requirements, the CBN had extended the deadline to July 31, 2015.

The apex bank had also said interest would be paid on the mandatory cautionary deposit of N35million, based on banking industry savings account rate. The financial sector regulator had equally raised the mandatory caution fee from N10 million to N35million.

CBN registers 2,688 Bureau De Change operators By Yolanda Onyebuchi on June 11, 2015 @ 3:00 pm@todayng cbnn Click here for Nigeria's Largest Newspaper Directory The Central Bank of Nigeria (CBN) says it has registered 2,688 Bureau De Change (BDC) operators in the country. The CBN said this in a circular issued and released to all the BDC operators by the Financial Policy and Regulation Department of the bank on Thursday. According to the circular, the list contains the names of confirmed operators that have complied with its new requirements on recapitalisation. NAN recalls that the CBN had in August 2014 released the names of 2,442 BDC operators and later in February 2015, published a list of 2,586 licensed BDC firms. There were 3,208 registered BDC operators in the country before the expiration of the deadline. The CBN on June 23, 2014 announced a new minimum capital requirement of N35 million for the operation of BDC in Nigeria, up from N10 million that it was previously. In order to ensure that the forex dealers comply with the new capital requirements, the CBN had extended the deadline to July 31, 2015. The apex bank had also said interest would be paid on the mandatory cautionary deposit of N35million, based on banking industry savings account rate. The financial sector regulator had equally raised the mandatory caution fee from N10 million to N35million.

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