Tuesday, September 28, 2021

After Forex ban, CBN to refund capital deposits to BDCs

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Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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The Central Bank of Nigeria, CBN, on Thursday says it will start immediate refund the capital deposit to Bureaux de Change, BDC, operators with pending applications.

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According to a circular signed by Ibrahim Tukur for the Director, Financial Policy and Regulation Department of the apex bank, this is in furtherance of the decision to discontinue allocation of Foreign Exchange to BDC operators.

Mr Tukur urged eligible promoters of BDCs to forward their application for refund in writing to the Director, Financial Policy and Regulation Department of the CBN.

“The requests should 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 and account number.

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“Copy of the bank draft/telex for payment of licensing fee of NI million (if any),” he said.

He advised eligible applicants to submit hard copies of their requests to CBN Head Office, Central in Abuja or the Annex in Lagos, while urging commercial banks to stop processing payments for their customers.

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

“In addition, 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,” he said.

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