Business CBN Increases Minimum Paid Up Capital For Bureau de Change To N35 million

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The Central Bank of Nigeria has increased the minimum paid up capital for Bureaux de Change operators from N10m to N35m. CBN also imposed other new rules including banning operators from owning more than one bureaux de change

Details below from National Mirror Newspaper

The Central Bank of Nigeria (CBN) yesterday released new regulatory guidelines for Bureau de Change, BDCs, operations in the country, raising their minimum paidup capital to N35 million, up from the current N10 million.

This is even as the apex regulatory institution also reviewed the mandatory cautionary deposit of the BDCs to N35 million, an amount which shall be deposited in a non-interest yielding account, upon the grant of Approval-In-Principle by it.

Other requirements in the new guidelines contained in a statement issued by Isaac Okoroafor, on behalf of the Head, Corporation Communications Department of the Bank, indicated that prospective BDC operators would pay application fee of N100,000 as well as a licensing fee of N1 million and Annual Renewal Fee of N250,000.

The apex bank also banned the ownership of multiple BDCs and warned that any operator found to have violated the new directive would be sanctioned, and directed all existing BDCs and those operating with a Final Approval Letter to comply with the mandatory cautionary deposit not later than July 15, even as it advised those having their applications pending to ensure strict compliance with the new regulatory guidelines.

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Source: #NationalMirror Newspaper
 
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