Bureau De Change operators to CBN: Refund our N1.2b

The battle line may have been drawn between the Central Bank of Nigeria and the Association of Bureau De Change Operators of Nigeria as the group demanded a refund of the initial mandatory cautionary deposit of N500,000 for its over 2,500 members.
This, ABCON said, amounted to over N1.2 billion.
The members of the group, who stormed the National Assembly to register their dissatisfaction with the proposed N35 million capital base for Bureau De Change operators, from the initial N10 million by the CBN, pleaded for a reduction of the new capital base to N15 million.
The Acting Chairman of the association, Aminu Gwadabe, who informed the Senate Committee on Finance that the group met with the Governor of the CBN, Godwin Emefiele, on the issue earlier on Tuesday, requested for the refund of the N500,000 mandatory caution fee earlier collected from each member of the association by the CBN.
Gwadabe said: “The initial mandatory cautionary deposit of N500,000 for over 2,500 members deposit amounted to N1.2 billion.
“This amount has been with the CBN for over 10 years and our members have been demanding for the refund.”
On N35 million capital base, he said: “It was stated in the policy that the share capital of N10 million will now be increased to N35 million, representing 250 per cent increase.
“The one that even kills us the most is the mandatory caution deposit to $20,000 (N3.5 million).
“The publication said that there is information, which they got from the CBN, that some members of the BDCs are involved in the activities of terrorism financing.
“But the CBN denied it.
“But we told them it was carried in the newspapers.
“This kind of statement, if allowed, is not only the BDC operators that will suffer bad image, even the regulators are also going to suffer the bad image.
“That is why we should be careful in making those kind of policy statements.
“The operation of Bureau De Change helps to eliminate the prevalence of currency in circulation and thus boosts the image of Nigeria abroad.
“It is the Bureau De Change that provides accurate indices of market rate necessary for vital policy formulation and also statistical data on foreign exchange inflow and outflow into the economy.
“The Bureau De Change sub-sector has since 2006 created employment for over one million Nigerians directly and indirectly, who proudly contribute their quota to the nation’s economic development.”