32.2 C
Saturday, April 1, 2023

CBN Begins Refund of N35m Capital Deposits, Licensing Fees to BDCs

Must read

- Advertisement -
- Advertisement -

The Central Bank of Nigeria (CBN) says it has commenced the refund of capital deposits and licensing fees to promoters who have pending Bureaux de Change (BDC) license applications with it.

This is further to the Monetary Policy Committee (MPC) briefing of July 27, 2021, where the CBN cancelled the sale of foreign exchange (FX) to all BDCs in the country.

Accordingly, the CBN advised BDC promoters to forward their requests for the refund in writing to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria, Abuja.

The requests are to 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, Account number
  • Copy of the bank draft/telex for payment of licensing fee of N1 million

According to the CBN, hardcopy of the refund request should be submitted to CBN Head Office, Central Business District, Abuja or CBN Head Office Annex, Tinubu Square, Lagos in a envelope marked “Refund of BDC Capital Deposit” at its top left corner.

Softcopy of the request is to be sent in advance of the hard copy to [email protected].

“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,” the CBN said in the statement signed by Ibrahim Tukur, Director Financial Policy and Regulation Department.

- Advertisement -
- Advertisement -

More articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article