Recapitalisation: CBN confirms 2442 Bureau de change operators

Godwin Emefiele, CBN governor

The Central Bank of Nigeria, CBN, on Monday released the names of 2,442 Bureau de change, BDC, operators that have satisfied the new guidelines on recapitalisation.

The Financial Policy and Regulation Department said the names of the released operators were the ones confirmed to have met the July 31 deadline for compliance.

The CBN, on June 23, raised the minimum capital requirement for BDC operators from N10 million to N35 million.

The financial sector regulator had equally raised the mandatory caution fee from N10 million to N35million, bringing the total requirement to N70 million.

However, the Association of Bureau De Change Operators of Nigeria had criticised the new guidelines, accusing the CBN of indirectly throwing their members into the unemployment market, as majority of them were finding it difficult to meet the recapitalisation requirement.

In a protest to the National Assembly, the Association appealed to the CBN to reduce the N35 million caution deposit or give its members up to 40 weeks from June 23 to comply with the directive.

However, the CBN stuck to its decision, saying the decision was aimed at sanitising the banking system by ensuring that only serious operators were left in the business

A review of the list released by the CBN showed that majority of the confirmed BDC operators were based in Lagos, Kano and Abuja.


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