CBN to Refunds Deposits and License Fees To BDC Promoters

CBN to refunds deposits and license fees to BDC promoters. The Central Bank of Nigeria (CBN) has commenced the process of immediate refunding of licensing fees and capital deposits to promoters of bureau de change, whose registrations were being processed before Tuesday’s announcement.

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According to the circular, this is in furtherance of the decision to discontinue allocation of Foreign Exchange (FX) to BDC operators.

The CBN urged eligible promoters of BDCs to forward their application for refund in writing to the Director, Financial Policy and Regulation Department of the Central Bank of Nigeria. For CBN to refunds deposits and license fees to BDC promoters.

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The CBN’s move is sequel to Tuesday’s Monetary Policy Committee(MPC) briefing where the apex bank’s Governor, Mr. Godwin Emefiele announced a ban on sale of foreign exchange to BDC operators forthwith.

The request should be accompanied (with) the Telex copy of the capital deposit of N35million; Account details for the refund which should be the same as the account from which the capital deposit originated from and a copy of the bank draft/telex for payment of licensing fee of N1 Million(if any).

Hardcopy of the request in ‘1’ above should be submitted to CBN Head Office, Central Business District, Abuja or CBN Head Office Annex, Tinubu Square, Lagos in an envelope clearly marked “Refund of BDC Capital Deposit” at its top left corner.

Softcopy of the request in ‘1’ above may be sent in advance of the hard copy to fprdlicensing@cbn.gov.ng.”

The CBN further directed all deposit money banks (DMBs) to stop accepting instructions from customers to transfer a capital deposit of N35 million to the designated CBN account for BDC licenses.