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Nairaland Forum / Nairaland / General / Business / CBN, Bdcs Disagree Over N250,000 Licence Renewal Fee (379 Views)
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CBN, Bdcs Disagree Over N250,000 Licence Renewal Fee by Nobody: 11:43am On Jan 06, 2015 |
The Central Bank of Nigeria and over 2500 Bureau De Change operators in the country are in fresh battle over the need to pay N250,000 as annual licence renewal fee before January 31, 2014. The central bank had, during its review of the BDC sub-sector last year, raised the licence renewal fee from N10,000 to N250,000. Findings by our correspondent showed that the CBN officials had asked some BDCs to ensure the amount is paid before the end of January. However, BDCs operators under the aegis Association of Bureau De Change Operators on Monday said the central bank was not being fair to the BDC subsector. The Acting President , ABCON, Mr. Aminu Gwadabe, said the association had written to the central bank, seeking for a review of the amount to about N50,000. However, he said the central bank had yet to respond to the letter. The president said, “We have written to the CBN to review the licence renewal fee. We told them that increasing it from N10,000 to N250,000 was too much. The CBN has yet to respond to our letter. All we are hearing now is that we should go and pay N250,000 before the end of January. That is too much. That means almost N750m will be raked from about 3000 BDCs in the country. Just last year, we paid N35m each. This amounted to over N100bn from this same sub-sector. “This N35m can only generate three per cent interest rate for us. With what the cost of fund is saying now, how do we cope? For some of our members who may have gone to borrow that money from the bank, how will they cope? Yet the CBN sells only $15,000 to each BDC every week; that is $60,000 in a month. How do you make money to cope? Our members are complaining and something has to be done about this.” Gwadabe, who said it would be difficult for all its members to raise the amount, insisted the CBN had to review its position to save the sector from imminent collapse. A CBN spokesman, Mr. Abudul Isa, said the CBN had last year issued a guideline on the N250,000 licence renewal fee. He said the date stated on the guideline was sacrosanct except the CBN gave the BDC another letter to change it. “Since there is no response from the CBN to their letter, it means the status quo in the guideline remains.” |
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