This was contained in a circular signed by Kevin Amugo, the apex bank’s Director of Financial Policy and Regulation Department, and issued to all BDCs on Friday in Abuja
Browsing: Bureau de Change
Traders at the market said the demand for the greenback by importers had continued to fuel the depreciation of the Naira at the market.
Besides, the association urged the CBN to reduce the new minimum capital base for the sub-sector to N15 million from N35 million
ABCON’s President, Alhaji Aminu Gwadabe, made the call at a meeting organised by the association for its members on Monday in Lagos
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
Okoroafor said the development was in line with efforts to address deficiencies in the operations of BDCs in the country
The CBN, in a circular released by and obtained by the News Agency of Nigeria on Friday in Lagos, said that the revoked BDCs had inadequate documentations on huge foreign exchange purchased from banks
Their arrest comes on the heels of a petition, which the Commission received from Union Bank of Nigeria Plc, Marina, Lagos State sometimes in January 2013, alleging that a criminal attack had been launched on its data base, known as “Flexcube”, by unknown criminals who falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank’s branches and subsequently transferred funds from those accounts to several accounts in other banks
At the official market, the naira exchanged for N241.19 to the pound, as against N241.18 that obtained on Monday