Recapitalisation: Bureau De Change operators rush to beat deadline

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In Nigeria
Aug 2nd, 2014
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A member of the Association of Bureau De Change Operators of Nigeria, said on Friday, that majority of the operators had complied with the N70 million capital base requirement for operators.

The member, Mr Harrison Owoh, told reporters in Lagos that most of the operators were in Abuja to complete the formalities as directed by the CBN.

Owoh said that though the exercise had distabilised many, most of the operators would not want their licences to be revoked after the July 31 deadline.

He said that CBN might publish the list of the defaulting operators next week.

“I do not know whether there were mergers or outright acquisition, but majority of our members are in Abuja to complete the CBN documentation,” he said.

It will be recalled that the CBN, on June 23, raised the minimum capital requirement for Bureau De Change operators to N35 million from N10million.

It also raised mandatory caution fee from 10,000 dollars to N35million, bringing the total requirement to N70 million.

But the association protested and urged the CBN to give it members up to 40 weeks from June 23 to comply with the directive.

Besides, the association also appealed to the CBN to reduce the N35 million caution deposit.

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