The Central Bank of Nigeria says it will commence the immediate reimbursement of capital deposits and licensing fees to Bureau de Change promoters with pending license applications.
This announcement came as a backdrop to the decision of the apex bank to stop the licensing of BDC operators.
CBN disclosed this in a circular issued on Thursday and signed by the Director, Financial Policy and Regulation department, Ibrahim Tukur.
The apex bank noted that the capital deposits and licensing fees amount to N35m and N1m, respectively.
The circular read, “Further to the Monetary Policy Committee briefing of July 27 2021 the Central Bank of Nigeria will commence the immediate refund of capital deposits and licensing fees (where applicable) to promoters who have pending Bureau de Change license applications with the CBN.”
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In line with the announcement, the CBN instructed the promoters as follows, “Such BDC promoters should forward their requests for the refund in writing to the Director Financial Policy and Regulation Department Central Bank of Nigeria, Abuja.”
It added that the request should be accompanied with certain documents such as the “Telex copy of the capital deposit of N35m, 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” and a “copy of the bank draft/telex for payment of licensing fee of M1 million (if any).”
“Hard copy of the request in ‘1’ above should be submitted to CBN Head Office Central Business District, Abuja, or CBN Head Office Annex, Tinubu Square, Lagos, in an envelope clearly marked ‘Refund of BDC Capital Deposit’ at its top left corner.
“Soft copy of the request in 1 above may be sent in advance of the herd copy to fenlicensing@cbn.gov.ng,” the bank further instructed.
It, therefore, directed all Deposit Monetary Banks to henceforth desist from accepting instructions from customers to transfer capital deposits to designated CBN accounts for BDC licensing.
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