Regulatory Alerts2009-08-12 | OFID-04-2009Notice to all Class 'B' Bureaux De Change on Renewal of Licence for 2009
The Central Bank of Nigeria has lifted the suspension on annual licence renewal for Class "B" Bureaux de Change (BDCs). Operators must renew their licenses by September 30, 2009. Additionally, Class "B" BDCs are required to make a mandatory deposit of $20,000 to the BDC Mandatory Deposit Account at JP Morgan Chase Bank in New York, USA, as a pre-condition for accessing the Foreign Exchange Direct Cash Sales Window of the Central Bank of Nigeria.
Central Bank Of Nigeria
Notice To All Class "B" Bureaux De Change On Renewal Of Licence For 2009
THIS IS TO BRING TO THE NOTICE OF ALL CLASS "B" BUREAUX DE CHANGE (BDCs) OPERATORS IN NIGERIA THAT THE MANAGEMENT OF THE CENTRAL BANK OF NIGERIA HAS LIFTED THE SUSPENSION PLACED ON THE ANNUAL LICENCE RENEWAL. THEREFORE, ALL CLASS "B" BDCS THAT HAVE NOT RENEWED THEIR OPERATING LICENCE FOR 2009 SHOULD DO SO NOT LATER THAN 30TH SEPTEMBER, 2009.
PLEASE NOTE THAT CLASS "B" BDCs ARE ALSO REQUIRED TO MAKE A MANDATORY DEPOSIT OF $20,000.00 (TWENTY THOUSAND DOLLARS ONLY) TO THE BDC MANDATORY DEPOSIT ACCOUNT OF THE CENTRAL BANK OF NIGERIA WITH JP MORGAN CHASE BANK, NEW YORK, U.S.A., AS A PRE-CONDITION FOR ACCESSING THE FOREIGN EXCHANGE DIRECT CASH SALES WINDOW OF THE CENTRAL BANK OF NIGERIA.
O. A. FABAMWO AG. DIRECTOR, OTHER FINANCIAL INSTITUTIONS DEPARTMENT AUGUST 12, 2009