Lagos - Following their inability to recapitalise and pay the compulsory cautionary fees of N35 million demanded by the Central Bank of Nigeria (CBN), about 4 250 bureau de change operators have lost their licenses to operate.
Only 750 out of the 5 000 bureau de change operators were able to meet the deadline of July 31 set by the CBN, reports Daily Trust.
Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), said more than 70 percent of its members did not meet up with the deadline.
He insisted that the deadline given by the apex bank was too short for operators to meet.
The CBN had on June 23, 2014 raised the minimum capital requirement of BDCs to N35 million from N10 million. It also raised the mandatory caution deposit to N35 million from N1 million.
Read more at Daily Trust.
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