Bureau De Change operators in Nigeria have reportedly failed to act as stated by the new guideline set by the Central Bank of Nigeria.
The Central Bank of Nigeria published the new guideline to be followed Bureau de change three weeks ago.
The President Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, explained that the non-compliance was as a result of lack of clarity on the guidelines issued by the central bank.
Gwadebe said the correspondence sent to the CBN used seeking for clarity on the implementation of the guidelines had not been responded to.
He said “We don’t have clarity. For the existing BDCs, what we expect the CBN to do is tell them to come and recapitalise but what is happening is that they should go and re-apply.
“What we would like to know is if the existing licences were withdrawn or revoked. If you are telling me to reapply, is it the same as asking me to recapitalise and this reapplying involves me going to the CAC, getting a name, etc.? It feels like an entirely new process, which for us is against any recapitalisation plan. The entire thing is like a new process so we need to know.
“In the new CBN operational guidelines for BDCs issued in May, which are effective June 3, the apex directed all existing BDCs to re-apply for a new licence according to their preferred categories (Tier 1 and Tier 2 BDCs) and meet the minimum capital requirement of the licence category applied for within six months from the effective date of the guidelines.”
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