Business
Bureau De Change Gets CBN’s N250m Refund
The Central Bank of Nigeria (CBN) has promised to pay a refund of N250 million to the Bureau De Change operators that have already paid the N500 million operational fees. This is, however, applicable to the class ‘A’ operators that CBN had earlier in the year directed to pay an operational capital of N500 million.
CBN, in a circular posted on its website, said that the refund would be made when the concerned operators have applied to the director, other financial institutions department in its Lagos or Abuja Office. The circular signed by the CBN’s Acting Director, Trade and Exchange Department, Mr. Batari Musa, said that it is committed to the liberalization of the foreign exchange market.
In the circular with no TED/FEM/FPC/GEN/01 111 and titled, Re: Operational Guidelines for Direct Foreign Exchange Cash Sales to Both Classes A and B Bureau de Change (BDC) operators, the apex bank said that it has resumed direct foreign exhange sales (cash) to Class B Bureau de Change operators with effects from yesterday.
It further said that the sales of foreign exchange to Class B operators are subject to the following requirements; possession of operating license and payment of caution deposit of $20,000 that would be deposited in a non-interest bearing account with the Central Bank of Nigeria.
Other requirements are; payment of commission arising from the transfer of foreign exchange by the BDC operators and the willingness of the BDC operators to indicate on their names on the transfer message.
The circular further said that the Classes A and B operators shall conduct their tradings on every Tuesday and Wednesdays of the week respectively.
Also, the circular advised the operators to promptly render returns on the utilization of cash disbursed to them, warning that failure to do so would be meted with appropriate sanctions.
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