Regulatory Alerts2016-01-22 | FPRD/DIR/GEN/CIR/01/004Refund of Mandatory Caution Deposit
The Central Bank of Nigeria has decided to refund the mandatory caution deposit of N35 million to all Bureau de Change operators, while retaining the N1 million licensing fee. Eligible BDCs can apply for a refund by providing evidence of payment and bank transfer details. This decision is communicated via a circular distributed by the Director of the Financial Policy and Regulation Department.
Tel .
E-mail: fprd@cbn.gov.ng REF: FPRD/DIR/GEN/CIR/01/004 January 22, 2016 CIRCULAR TO ALL BUREAUX DE CHANGE
Refund Of Mandatory Caution Deposit
Given the recent development in the operations of BDCs in the economy, the CBN has decided as follows: The refund of Mandatory Caution Deposit of N35 million to all BDC operators; i: and ii.
The retention of N1million licensing fee.
Therefore, all eligible BDCs may wish to apply for refund of their caution deposits, attaching evidence of payment and bank transfer details.
KEVIN N. AMUGO DIRECTOR, FINANCIAL POLICY & REGULATION DEPARTMENT NIGERIA