The Central Bank of Nigeria (CBN) has released the list of 2442 licensed Bureau De Change (BDC) firms which it said had complied with its new capital requirements of N35 million as at July 31, 2014.
With the publication of the list of 2442 licensed BDC firms that have complied with its new capital requirements as disclosed in a document obtained from its website, the operating licenses of about 766 firms had consequently been revoked by the apex bank. There were 3,208 registered BDCs in the country before the expiration of the deadline.
The CBN had in June announced a new minimum capital requirement of N35 million for the operation of BDCs in the country, up from the N10 million 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, 2014. The forex dealers were previously given a deadline of July 15 2014.
The apex bank had also stated that interest would now be paid on the mandatory cautionary deposit of N35 million, based on banking industry savings account rate.
It among other requirements, also reviewed the mandatory cautionary deposit for BDCs upward to N35 million.
The regulator had pointed out that on the expiration of the deadline on July 31, 2014, that it would cease to fund any BDC that failed to comply with the new requirements, adding that “only BDCs that meet the new requirements would qualify to be engaged as agent by the licenced international money transfer operators for inward and outward transfer business in Nigeria.”
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