CBN to refund N35m capital deposits to BDC applicants

Central Bank of Nigeria (CBN) on Thursday says will start immediate refund of capital deposit to Bureaux de Change (BDC) promoters with pending applications.

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

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

requests should be accompanied with following documents:

“Telex copy of capital deposit of N35 million; account details for refund, which should be same as the account from which the capital deposit originated, including the
Bank name, account name and account number.

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

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

“Softcopy of request in above may be sent in advance of 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 designated CBN account for purpose of applying for BDC licences,” he said. (NAN)