Business CBN Updates Bureaux De Change List, Adds 15 New Members

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LequteMan

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The Central Bank of Nigeria For the second time in three months, has updated the list of Bureaux De Change (BDC) operators that successfully met the new capital requirement of N35 million, re-certifying 15 more BDCs, Daily Independent reports.

The CBN had on Monday June 23, 2014, increased the minimum capital requirement for Bureaux De Change operation in Nigeria to N35m in order to weed out unserious elements in that sub-sector and correct some grave inefficiencies and sharp practices. It directed all existing Bureaux De Change to comply with the new requirements by July 15, 2014.

Before the hike in minimum capital requirement from N10 million to N35 million, a total of 3, 208 BDCs were officially registered with the CBN

On August 15, CBN announced that a total of 2, 442 BDCs met the new capital requirement as at July 31, 2014, the apex bank added 51 more BDCs to the list on September 5 increasing the number to 2, 493.

A total of 2, 512 BDCs have reportedly scaled the recent re-capitalisation hurdle, meaning the CBN has re-certified 15 more BDCs.

#Nigeria #CBN #BDC

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