CBN begins refund of N35m deposit to BDC promoters

Following the discontinuance of foreign exchange sales to Bureau de Change operators, the Central Bank of Nigeria said on Thursday that it had begun the refund of capital deposits and licensing fees to those applying for BDC licences.

The CBN disclosed this in a circular by its Director, Director of its Financial Policy and Regulation Department, Ibrahim Tukur, to BDC promoters and Deposit Money Banks.

“Further to the Monetary Policy Committee briefing of July 27, 2021, the Central Bank of Nigeria will commence the immediate refund of capital deposits and licensing fees (where applicable) to promoters who have pending Bureaux de Change licence applications with the CBN,” it said.

The bank advised the BDC promoters to forward their request for the refund in writing to the director of its Financial Policy and Regulation Department.

“In addition, all Deposit Money Banks are hereby directed to henceforth stop accepting instructions from customers to transfer capital deposit of N35 million to the designated CBN account for the purpose of applying for BDC licences,” it added.

The CBN Governor, Mr Godwin Emefiele, had on Tuesday, at the end of the Monetary Policy meeting, announced the stoppage of forex sale to the BDC operators, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria”.

He said the CBN would channel a significant portion of its weekly allocation currently meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses,

Marketers Reporters reported earlier that the Nigerian currency, naira, plunged to an all-time high of 525 against the dollar at the parallel market on Wednesday, down from 505/$1 on Tuesday.

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