The Central Bank of Nigeria CBN has announced that based on representations from stakeholders, “Deadline for compliance with the New Licensing Requirements has been extended to July 31, 2014.
Also, a statement Monday by Kevin N. Amugo,Director, Financial Policy and Regulation Department said “Interest will be paid on the mandatory cautionary deposit of N35 million, based on banking industry savings account rate.
He warned that “the Central Bank of Nigeria, on the expiration of the deadline of July 31, 2014, will cease to fund any Bureau De Change that fails to comply with the new requirements.
“Only Bureaux De Change that meet the new requirements will qualify to be engaged as Agent by the licensed International Money Transfer Operators for inward and outward money transfer business in Nigeria” the statement said.
Meanwhile, all BDCs that paid the mandatory caution deposit of N500,000.00 to the CBN prior to 2009, are advised to apply for their refund,the apex bank said.
