Bureau De Change (BDC) operators can now heave a sigh of relief following the CBN’s extension of the deadline for compliance with the new capital requirements recently announced for the sub-sector.
The CBN extended the deadline to July 31, 2014. The forex dealers were previously given a deadline of July 15 2014.
The extension was communicated in a circular with reference number FPR/DIR/GEN/CIR/04/010 and subject: CIRCULAR TO ALL BUREAX DE CHANGE – EXTENSION OF TIME FOR COMPLIANCE WITH THE NEW REQUIREMENTS FOR THE OPERATION OF BEREAU DE CHANGE IN NIGERIA signed by Kevin N Amugo, Director, Financial Policy and Regulatory Department of the Central Bank of Nigeria (CBN).
The central bank also stated that interest would now be paid on the mandatory cautionary deposit of N35 million, based on banking industry savings account rate while all those who paid a N500,000 caution deposit to the CBN prior to 2009 should apply for a refund.
