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CBN To Refund Pending Licence Applications Fees To Bureau De Change Promoters

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The Central Bank of Nigeria (CBN) will commence the immediate refund of capital deposits and licensing fees to Bureaux de Change (BDC) promoters who have pending  licence applications.

The CBN announced this in a circular signed by Ibrahim Tukur, director of financial policy and regulation department at CBN, on Wednesday.

Recall that the apex bank, on Tuesday, stopped the sales of FX to BDC operators.

Explaining reason behind the decision, CBN Governor Godwin Emefiele, said that BDC operators have become conduits for illegal financial flows working with corrupt people to conduct money laundering in Nigeria.

The apex bank in the circular, informed BDC promoters with pending applications to forward their requests for the refund in writing to its headquarters in Abuja.

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“The requests should be accompanied with the following documents: (a) Telex copy of the capital deposit of N35 million,” the circular reads.

“(b) Account details for the refund, which should be the same as the account from which the capital deposit originated, including the: (i) Bank name (ii) Account name (iii) Account number.

“(c) Copy of the bank draft/telex for payment of licensing fee of N1 million (if any).

“Hardcopy of the request in ‘1’ above should be submitted to CBN Head Office, Central Business District, Abuja or CBN Head Office Annex, Tinubu Square, Lagos in an envelope clearly marked “Refund of BDC Capital Deposit” at its top left corner.

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“Softcopy of the request in ‘1’ above may be sent in advance of the hard copy to”

The CBN further directed all deposit money banks (DMBs) to stop accepting instructions from customers to transfer a capital deposit of N35 million to the designated CBN account for BDC licences.

The CBN also directed DMBs to set up teller points to meet legitimate foreign exchange (FX) demands, as part of efforts to ensure citizens have access to foreign exchange.

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