CBN Extends New Licensing Requirement Deadline for Bureau De Change Operators

The Central Bank of Nigeria (CBN) has extended the deadline hitherto given to operators of Bureau De Change to comply with the new licensing requirement.
The apex bank extended the deadline by more than twenty days to July 31, 2014.

In a circular to the operators, Director, Financial Policy and Regulation Department, Mr. Kelvin Amugo said interest will be paid on the mandatory deposit of N35 million based on the banking industry savings account rate.

It added that the CBN will cease to fund any Bureau De Change that fails to comply at the end of the period.

“Only Bureau De Change that meet the new requirements will qualify to be engaged as agents by the licensed International Monetary Transfer Operators for inward and outward money transfer business in Nigeria”, the bank said.

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Meanwhile the bank has advised all Bureau De Change operators that paid the mandatory caution deposit of N500,000 00 to the CBN prior to 2009 to apply for refund.