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Commercial Banks Get New Directives from CBN

Commercial Banks across the nation have received new directives from the Central Bank of Nigeria, CBN, following recent controversies surrounding the sale of dollars to Bureau De Change, BDC.

The Apex Bank instructed all banks to begin ‘Teller Points’ for dollar exchange transactions in Nigeria.

Again, it was gathered that the bank re-commenced some dealings with the BDC operators, refunding capital deposits and licensing fees the those whose permit’s applications are pending.

A circular contained this information, where the apex bank stated its decision to halt foreign exchange to BDCs.

Yesterday, during a webinar to announce banks’ readiness for dollar sales in Lagos, Chairman, Body of Banks’ Chief Executive Officers, CEOs Herbert Wigwe, said the banking industry would carry out the CBN directive.

The CBN directed all Deposit Money Banks to stop accepting instructions from customers to transfer capital deposits of N35 million to designated CBN account for BDC licences.

Commercial Banks Get New Directives from CBN

BDC promoters were urged to forward their refund requests in writing to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria, Abuja.

The CBN said the requests should be accompanied by a Telex copy of the capital deposit of N35 million; account details for the refund should be the same as the account from which the capital deposit originated, including the bank name account name and account number.

BDC operators are also expected to submit a copy of the bank draft/telex for the licensing fee of N1 million (if any).

Meanwhile, CBN’s weekly interventions of $100 million will now go to the banks for meeting foreign exchange demands for their customers.

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