CBN’s Hammer Descends as Deadline for BDCs’ License Ends Today 

The Central Bank of Nigeria (CBN)’s hammer has resumed a descent as its deadline for the recapitalization of the Bureau de Change (BDCs) expires today.
This is after the apex bank extended its initial date for recapitalization in response to pleas from respectable quarters that the central bank considers a soft landing for the money changers.
The policy is also the first the new central bank governor will introduce. Analysts say his resolve over the policy will prove how resolute the governor will be in future.
As the deadline fixed for Bureau De Change (BDC) operators to comply with the new capital requirements ends today, defaulting firms will have their operating licences revoked by the Central Bank of Nigeria (CBN). 
In order to ensure that BDC comply with the new capital requirements, the central bank had extended the deadline to July 31, 2014, from an earlier deadline of July 15 2014. The central bank had also stated that interest would now be paid on the mandatory cautionary deposit of N35 million, based on banking industry savings account rate. The CBN had announced a new minimum capital requirement of N35 million for the operation of BDCs in the country, up from the N10 million it was previously. It among other requirements, also reviewed the mandatory cautionary deposit for BDCs upward to N35 million

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