Regulatory Alerts2021-07-08 | FPR/LAD/CON/BDC/006/100Payment of Annual Licensing Renewal Fees
The Central Bank of Nigeria has noticed issues with how Bureaux De Change operators pay their annual license renewal fees, including unclear postings and the use of unlinked third-party names. To address this, the CBN instructs all BDCs to pay their fees from their operating accounts by March 31st each year, using their BDC names, or face sanctions as per the Revised Operational Guidelines for Bureaux De Change in Nigeria (2015).
Tel: 09-46237401 E-mail:fprd@cbn.gov.ng FPR/LAD/CON/BDC/006/100 CENTRAL BANK OF NIGER Financial Policy and Regulation Departm Central Business District P.M.B. 0187 Garki, Abuja.
June 23, 2021
Circular To All Bureaux De Change Payment Of Annual Licensing Renewal Fees
The Central Bank of Nigeria (CBN) has observed recurring discrepancies in the payments of Annual Licence Renewal Fees by Bureaux De Change (BDCs) operators.
The discrepancies include postings with incomplete or unclear narrations as well as the use of third party names that cannot be linked to any BDC.
Going forward, All BDCs are hereby required to pay their Annual Licence Renewal Fees from their operating accounts with Deposit Money Banks by 31st March of every year. Only payments made in the names of the BDCs within the regulatory deadline will be processed.
In line with the requirements of the Revised Operational Guidelines for Bureaux De Change in Nigeria (2015), the CBN reiterates that failure to comply with the above directive would attract necessary sanction against the defaulting BDCs.
DIRECTOR, FINANCIAL POLICY 'AND REGULATION DEPARTMENT