The Central Bank of Nigeria (CBN) has extended the deadline given to bureau de change operators to shore up their capital base to July 31, from the July 15 earlier date.
The apex bank, in a circular issued on Monday, said “interest will be paid on the mandatory cautionary deposit of N35 million based on the banking industry’s savings account rate.”
CBN, in the circular signed by Kevin Amugo, Director, Financial Policy and Regulation Department, said the deadline extension was necessitated by the representations made to it by various stakeholders.
It noted that after the expiration of the new deadline, “only bureaux de change that meet the requirements will qualify to be engaged as agents by the licensed International Money Transfer Operators for inward and outward money transfer business in Nigeria.”
The circular stated further: “The Central Bank of Nigeria, on the expiration of the deadline on July 31, 2014, will cease to fund any bureau de change that fails to comply with the new requirements.”
It, however, advised all bureaux de change that paid the mandatory caution deposit of N500,000 to the CBN prior to 2009 to apply for their refund.
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