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CBN revokes licences of 750 bureau de change operators

18 August 2014, 21:52

Lagos -  A total of 766 Bureaux De Change (BDCs) have lost their operating licences and will no longer be funded by the Central Bank of Nigeria (CBN) during its twice-weekly sale of dollars.

The 766 BDCs lost their licences for failing to meet the July 31, 2014 recapitaisation deadline set by the CBN.

The CBN had, in a bid to reposition the foreign exchange market released new capitalisation guidelines for the BDCs in the country.

In the guidelines, the central bank had increased the capital base for the BDCs from N10m to N35m, and asked them to make a caution deposit of N35m, among other requirements.

In a new circular posted on its website on Friday, the central bank released a list of 2 442 BDCs that met the new recapitalisation guidelines.

By the development, 766 out of the total 3 208 BDCs registered by the CBN have lost their licences.

CBN’s Director, Financial Policy and Regulation, Kelvin Amugo, said that all the BDCs that met the requirement would be engaged as agents by licensed international money transfer operators for inbound and outbound money transfer business in Nigeria.

He said the bank has equally received  new applications from 1 417 prospective bureaus de changes operators and its currently processing their applications


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