The Central Bank of Nigeria (CBN)
says it will refund the mandatory caution deposit of N35 million to licensed
Bureaux De Change (BDCs) operators.
This is contained in a circular
signed by Mr Kevin Amugo, the apex bank’s Director, Financial Policy and
Regulation Department, and issued to all BDCs on Friday in Abuja.
The circular, with reference number
REF: FPRD/DIR/GEN/CIR/01/004 stated that this was in consideration of
developments in BDCs’ operation.
Given the recent development in the
operations of BDCs in the economy, the CBN has decided to refund the mandatory
cash deposit of N35 million to all BDC operators.
The bank will also refund the
retention of one million Naira licensing fee.
Therefore, all eligible BDCs may wish
to apply for refund of their caution deposits, attaching evidence of payment
and bank transfer details,’’ the circular said.
It can be recalled that the mandatory
caution deposit was implemented and pegged at N35 million in 2014. VON reports
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