The Central Bank of Nigeria (CBN) on Thursday says it will start immediate refund of capital deposit to Bureaux de Change (BDC) promoters with pending applications.

According to a circular signed by Ibrahim Tukur for the Director, Financial Policy and Regulation Department of the apex bank, this is in furtherance of the decision to discontinue allocation of Foreign Exchange (FX) to BDC operators.

Tukur urged eligible promoters of BDCs to forward their application for refund in writing to the Director, Financial
Policy and Regulation Department of the CBN.

“The requests should be accompanied with the following documents: “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 and account number.

“Copy of the bank draft/telex for payment of licensing fee of NI million (if any),” he said.

He advised eligible applicants to submit hardcopies of their requests to CBN Head Office, Central in Abuja or the Annex in Lagos, while urging commercial banks to stop processing payments for their customers.

“Softcopy of the request in above may be sent in advance of the hard copy to fprdlicensinq@cbn.gov.ng.

“In addition, all Deposit Money Banks are hereby directed to henceforth stop accepting instructions from customers to transfer capital deposit of N35 million to the designated CBN account for the purpose of applying for BDC licences,” he said.
(NAN)

Tukur urged eligible promoters of BDCs to forward their application for refund in writing to the Director, Financial
Policy and Regulation Department of the CBN.

Parizz:


https://www.vanguardngr.com/2021/07/cbn-to-refund-n35m-capital-deposits-to-bdc-applicants/

SexyBabe001:
The best decision ever made by CBN.

These BDC guys are criminals and very greedy. You are buying from CBN at 393/$ and they supply you $20000 weekly yet you will sell to the public at the rate of #500-505 and you said God won't punish you people.

If not for the wicked and corruption of our bankers and those bank managers, what's stopping us from accessing dollars from the counter or better still let CBN peg our ATM with $1000 monthly and see BDC die a natural death. The reason why people are going to these folks is cos we can't access the dollar from banks. Bank managers have formed a cartel and sell to BDC to make profit.

I hope Emefiele remains firm and focus in this. In this time and age we need to be responsible and be proactive. Let all bank branches be selling dollars not the abokis and the BDC they are the ones hoarding the dollars and abeiting money laundering.

For the first time, kudos to CBN.. Let's hope banks won't play smart.

Any banks that default in this I suggest their licence seized for at least 8 months.

TroubleMaker47:

So erring operators are now above sanctions?
Even when they have 35 million each domiciled with CBN?

TroubleMaker47:
Dumb government!
If you claim that the BDCs make so much profit from selling dollar, how come they don't regulate the BDC market the way they regulate PMS sales?
Any operator found wanting would lose his license and 35 million operating fee!
What's so difficult in implementing that?
Instead they chose to cut off the head because of a headache!
This is throughly a government of kakistocracy

TroubleMaker47:

So erring operators are now above sanctions?
Even when they have 35 million each domiciled with CBN?

SexyBabe001:
The best decision ever made by CBN.

These BDC guys are criminals and very greedy. You are buying from CBN at 393/$ and they supply you $20000 weekly yet you will sell to the public at the rate of #500-505 and you said God won't punish you people.

If not for the wicked and corruption of our bankers and those bank managers, what's stopping us from accessing dollars from the counter or better still let CBN peg our ATM with $1000 monthly and see BDC die a natural death. The reason why people are going to these folks is cos we can't access the dollar from banks. Bank managers have formed a cartel and sell to BDC to make profit.

I hope Emefiele remains firm and focus in this. In this time and age we need to be responsible and be proactive. Let all bank branches be selling dollars not the abokis and the BDC they are the ones hoarding the dollars and abeiting money laundering.

For the first time, kudos to CBN.. Let's hope banks won't play smart.

Any banks that default in this I suggest their licence seized for at least 8 months.