The apex bank at the weekend published on its website a list entitled, “Confirmed BDCs in compliance with the new requirements for the operations of BDCs in Nigeria as at December 31, 2015.”
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.
There were 3,208 registered BDCs in the country before the expiration of the deadline on July 31 2014 for operators to recapitalise.
The regulator said it introduced the new requirements in a bid to correct observed deficiencies in the operations 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.
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 granting 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.
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