The Central Bank of Nigeria (CBN) has promised to commence the immediate refund of capital deposits and licensing fees to promoters who have pending Bureaux de Change (BDC) licence applications with the CBN.
This was disclosed in a circular titled “Circular for BDC Refund” after the Monetary Policy Committee (MPC) briefing of July 27, 2021.
The following steps are what the CBN advise to get a refund:
1. Such BDC promoters should forward their requests for the refund in writing to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria, Abuja.
2. The requests should be accompanied with the following documents:
a. Telex copy of the capital deposit of N35 million
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)
3. 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.
4. Softcopy of the request in ‘1’ above may be sent in advance of the hard copy to fprdlicensing@cbn.gov.ng
In addition, the apex bank directed all Deposit Money Banks to stop accepting instructions from customers to transfer capital deposit of N35 million to the designated CBN account for the purpose of applying for BOC licences.
