Following the 35 million naira recapitalization directive by the Central Bank of Nigeria, CBN, to Bureau de Change operators, the apex bank has released a list of 2,442 operators that have satisfied the new guidelines on recapitalisation.
In a statement released by the CBN, the Financial Policy and Regulation Department said the names of the released operators were the ones confirmed to have met the July 31st deadline for compliance. The CBN, on June 23rd, raised the minimum capital requirement for BDC operators from N10 million to N35 million.
The financial sector regulator had equally raised the mandatory caution fee from N10 million to N35 million, bringing the total requirement to N70 million.
However, the Association of Bureau De Change Operators of Nigeria had criticised the new guidelines, accusing the CBN of indirectly throwing their members into the unemployment market, as majority of them were finding it difficult to meet the recapitalisation requirement. CBN also confirm that majority of the confirmed BDC operators were based in Lagos, Kano and Abuja.
