CBN extends deadline for Bureau De Change operators

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At the expiration of the deadline of July 31, the CBN would cease to fund any Bureau De Change…

The Central Bank of Nigeria, CBN on Monday extended the deadline for compliance on the new requirements for Bureau De Change, BDC, operators in the country.

The CBN Director, financial policy & regulation department, Kevin Amugo, said the bank, based on representations from stakeholders, decided to extend the deadline for compliance with the new licensing requirements to July 31.

Mr. Amugo said interest on the transaction would be paid on the mandatory cautionary deposit of N35 million, based on banking industry savings account rate.

At the expiration of the deadline of July 31, the CBN would cease to fund any Bureau De Change that fails to comply with the new requirements.

Only Bureau De Change operators that meet the new requirements would qualify to be engaged as agent by the licensed International Money Transfer, IMT Operators for inward and outward money transfer business in Nigeria.

Meanwhile, all BDCs that paid the mandatory caution deposit of N500,000 to the CBN prior to 2009, are advised to apply for their refund.

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