Central Bank of Nigeria directs banks to open USD teller points

Friday 30 July 2021 12:06 CET | News

The Central Bank of Nigeria (CBN) has directed banks to open teller points for USD sales.

The bank has begun the refund of capital deposits and licensing fees to Bureaux de Change (BDC) operators who have pending licence applications with it. In a circular, the apex bank said the decision followed the halt of the sale of foreign exchange to BDCs.

The CBN directed all Deposit Money Banks to stop accepting instructions from customers to transfer capital deposits of NGN 35 million to designated CBN account for BDC licences. It urged BDC promoters to forward their refund requests in writing to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria, Abuja.

The CBN said the requests should be accompanied by a Telex copy of the capital deposit of NGN 35 million; account details for the refund, which should be the same as the account from which the capital deposit originated, including the bank name, account name and account number.

BDC operators are also expected to submit a copy of the bank draft/telex for payment of licensing fee of NGN 1 million (if any). CBN Governor, Godwin Emefiele, had announced the stoppage of weekly allocation to BDCs.

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Keywords: central bank, regulation, banks
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Nigeria
This article is part of category

Banking & Fintech