The Association of Bureau De Change Operators of Nigeria has demanded that the Central Bank of Nigeria reverse the new capital requirement for its operations.
In a circular issued last Wednesday, the CBN issued fresh guidelines for the operations of the Bureau De Change in Nigeria which include two new categories of licences with different capital bases.
According to the new rules, BDCs in the Tier 1 category would be required to have a minimum capital requirement of N2bn, pay N1m as a non-refundable application fee and N5m as a non-refundable licence fee.
The apex bank disclosed that Tier 2 BDCs would be required to have a minimum capital base of N500m, N0.25m as a non-refundable application fee and N2m as a non-refundable licence fee.
Also, the regulator mandated all existing BDCs to re-apply for new licenses in their preferred category with a six-month grace period to meet the capital requirement.
The BDC operators, at the end of a virtual meeting themed ‘New CBN Regulatory & Supervisory Reforms for BDCs: Challenges and Way Forward’ on Tuesday, decried the move by the CBN. They noted that the apex bank was threatening their business and made recommendations that they claimed would be presented to the CBN.
