CBN recertifies 74 additional BDCs Operators

The Central Bank of Nigeria (CBN) has again re-certified 74 more Bureaux De Change (BDCs) operators to continue in operation.

Daily Independent reports that this brings the total number of BDCs that have so far met the new capital requirement of N35 million to 2, 660 as at May 6.

This is also the seventh time the CBN would be updating the list of BDCs that successfully scaled the recapitalisation hurdle after the July 31,2014 deadline given the BDCs to shore up their capital base.

While the CBN had on August 15 announced that a total of 2, 442 BDCs met the new capital requirement as at July 31, 2014, the apex bank added 51 more BDCs to the list on September 5, 2014.

On November 14, 2014, the CBN added 15 more BDCs to the list and later added 11 more companies to the list of recapitalised BDCs on November 28, 2014.

Again on January 9, 2015, the apex bank informed that 21 more companies had been added to the list, thereby increasing the total of BDCs that have met the new capital requirement to 2, 523 as at that date.

On February 6, another 28 BDCs recertified to continue in operation.
For the sixth time, the CBN recertified 14 more BDCs on February 27.

Before the hike in minimum capital requirement from N10 million to N35 million, a total of 3, 208 BDCs were officially registered with the CBN.

With the way the CBN is going about the issue, analysts have expressed fear that the new list may not be different from the old list at the end of the day.

The CBN had on Monday June 23, 2014, increased the minimum capital requirement for Bureaux De Change operation in Nigeria, to weed out unserious elements in that sub-sector and correct some grave inefficiencies and sharp practices.

The new guidelines further stipulated a mandatory cautionary deposit reviewed to N35 million which was expected to be deposited in a non-interest yielding account in the CBN upon the grant of an approval- in-principle.