CBN to refund capital deposit, licensing fees to BDCs

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The Central Bank of Nigeria has said it will start the discount of the N35 million minimum capital stores to candidates of Bureau De Change licenses.

As per an assertion endorsed by the apex bank’s Director of Financial Policy and Regulations Department, Ibrahim Tukur, the bank will likewise initiate the discount of permitting expenses.

A non-refundable authorizing expense of N1 million and a minimum capital of N35 million are portions of the necessities for conceding licenses to BDC administrators.

The new improvement comes after the apex bank restricted the offer of forex to the BDCs on grounds of unlawful activities and join.

The bank encouraged the BDC advertisers to keep in touch with the bank’s Director of Financial Policy and Regulations Department, mentioning for their discount.

“The solicitation ought to be went (with) the Telex duplicate of the capital store of N35million; Account subtleties for the discount which ought to be equivalent to the record from which the capital store started from and a duplicate of the bank draft/wire for installment of authorizing expense of N1 Million(if any)”.

Additionally a printed version of the letter of solicitation to be submitted to CBN head office, Abuja or Lagos in an envelope unmistakably checked “Discount of BDC capital store ” at its upper left corner.

There is a choice of sending the softcopy of the writing ahead of the printed version to

The apex bank guided all business banks to quit getting the capital stores for its benefit.

What’s more all Deposit Money Banks are thusly coordinated to hence prevent tolerating directions from clients to move capital store of N35 million to the assigned CBN represent the motivation behind applying for BDC licenses.