2014-07-08 | FPR/DIR/GEN/CIR/04/010

Extension of Time for Compliance with the New Requirements for the Operation of Bureau de Change in Nigeria

The Central Bank of Nigeria (CBN) has extended the deadline for Bureau De Change (BDC) compliance with new licensing requirements until July 31, 2014. Interests will be paid on the mandatory cautionary deposit of N35 million at the banking industry savings account rate. After the deadline, only BDCs meeting the requirements will qualify as agents for licensed International Money Transfer Operators. Additionally, any BDC that had previously deposited N500,000.00 should apply for a refund.

Nigeria

Central Bank of Nigeria

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