CBN directive on BDC Licence.
The Central Bank of Nigeria, CBN has sent a circular to deposit money banks to stop accepting instructions from customers to transfer capital deposit of N35 million to the designated CBN account for the purpose of BDC licence.
The bank attached this to an announcement which calls to Bureaux de Change, BDC, promoters with pending licence applications to apply for a refund of minimum capital deposits and licensing fees.
The arrangement became applicable after the Central Bank of Nigeria, CBN, monetary policy briefing of July 27, 2021, and commences immediately.
Accordingly, the CBN advises BDC promoters to forward their requests for the refund in writing. They are to address the requests to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria Abuja.
The requests should be accompanied by; 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 as wells as a copy of the bank draft/telex for the payment of the licensing fee of N1 million(if any).
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Other documents to attach to the request include; a hard copy of the request that BDCs can submit to the CBN head office; Central Business District Abuja, or CBN Head Office Annex; Tinubu Square Lagos in an envelope clearly marked “refund of the BDC capital deposit” at its top left corner.
They can also send a soft copy of the request in advance of the hard copy.
CBN directive on BDC licences to deposit money banks
The CBN further added that “all deposit money banks are directed to henceforth stop accepting instruction from customers to transfer capital deposit of N35 million to the designated CBN account purposes of applying for BDC licences.”