Following the decision of the Central Bank of Nigeria(CBN) to stop the licensing of Bureau de Change(BDC) operators, the apex bank has announced that it will commence the immediate reimbursement of capital deposits and licensing fees to BDC promoters with pending license applications.
The bank disclosed this in a circular signed by the Director, Financial Policy and Regulation department, Ibrahim Tukur, on Thursday.
The circular noted that the capital deposits and licensing fees amount to N35 million and N1 million respectively.
It read: “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 Bureau de Change license applications with the CBN.”
In line with the announcement, the CBN instructed the promoters as follows: “Such BDC promoters should forward their requests for the refund in writing to the Director, Financial Policy and Regulation Department Central Bank of Nigeria, Abuja.”
It added that the request should be accompanied with certain documents such as the: “Telex copy of the capital deposit of N35 million, account details for the refund which should be the same as the account from which the capital deposit originated including the: Bank name, Account name, Account number and a copy of the bank draft/telex for payment of licensing fee of M1 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 [email protected],” the bank further instructed.
The apex bank directed all Deposit Monetary Banks to henceforth desist from accepting instructions from customers to transfer capital deposit to designated CBN accounts for the purpose of applying for BDC licensing.