Business
CBN Clears 2,544 Recapitalised Bureau De Change Operators
The Central Bank of
Nigeria (CBN) has cleared a total of 2,544 recapitalised Bureau De Change (BDC) operators to operate throughout the country.
This figure was posted on the official website of the apex bank and obtained by The Tide.
The bank said the deadline for the Bureau De Change recapitalisation lapsed in July 2014 and a total of 2,544 had complied with its new capital requirements of N35 million as at July 31.
The bank said prior to the recapitalisation deadline, there were 3,208 registered Bureaux De Change in the country operating with a capital base of N10 million.
The CBN stated that interest would be paid on the mandatory cautionary deposit of N35 million based on banking industry savings account rate.
The apex bank pointed out that on the expiration of the deadline earlier fixed for July 15, 2014 and later shifted to July 31, last year, it would not fail to carryout the outlined policy directive of not funding any Bureau De Change that has failed to comply with the new recapitalisation directive and requirements.
The statement added that only Bureaux De Change that had met the stipulated directive on recapitalisation requirements are qualified to be engaged as agents by the licenced international money transfer operators for inward and outward transfer business in Nigeria.
Philip Okparaji