CBN to refund mandatory N35m each deposited by bureaux de change

The Central Bank of Nigeria (CBN) has said  it will refund the mandatory caution deposit of N35 million to licensed Bureau De Change (BDCs) operators.

This is part of  measures to put in effect the bank’s decision to de-fund the BDCs ‘and plug the channel that has lent itself to abuse.

This directive was contained in a circular signed by Mr Kevin Amugo, the apex bank's Director, Financial Policy and Regulation Department, and issued to all BDCs on Friday in Abuja.

The circular, with reference number REF: FPRD/DIR/GEN/CIR/01/004 stated that this was in consideration of developments in BDCs' operation.

“Given the recent development in the operations of BDCs in the economy, the CBN has decided to refund the mandatory cash deposit of N35 million to all BDC operators.

“The bank will also refund the retention of one million naira licensing fee.

“Therefore, all eligible BDCs may wish to apply for refund of their caution deposits, attaching evidence of payment and bank transfer details,” the circular said.

-Emmanuel Ikechukwu