Forex sales halt: CBN refunds N35m deposits for pending BDC licences

Written by on July 30, 2021


The Central Bank of Nigeria (CBN) on Thursday commenced the refund of N35 million minimum capital deposits and licensing fees to Bureau De Change (BDC) operators that had applied for license but were pending.

The apex bank communicated its decision in a circular sighted by Daily Trust and dated July 28, 2021. The circular signed by Ibrahim Tukur, for Director, Financial Policy and Regulation Department, is coming on the heels of the decision by the CBN to discontinue dollar sales to the Bureau De Change (BDCs) over trading forex wholesale in contravention of their licences, and Nigeria’s forex regulations.

The CBN advised the affected BDCs promoters to forward their requests for the refund in writing to the Director, Financial Policy and Regulation Department, CBN, Abuja.

It further directed all deposit money banks to stop accepting Instructions from customers to transfer capital deposits of N35m to the designated CBN account to apply for BDC licenses.

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