By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Monday said it has extended the new licensing requirement for operators of Bureau De Changes (BDCs) to July 31, 2014.

The CBN in a statement by Kevin Amugo, director, financial policy and regulation department said the apex bank based on representations from stakeholders has decided to extend the compliance date to July 31, 2014.

Nigeria’s Central Bank had earlier given the directive that all existing BDCs and those currently operating with a final approval letter are required to comply with the requirement on mandatory cautionary deposit by July 15.

According to the apex bank, on the expiration of the deadline of July 31, 2014, it will cease to fund any BDC that fails to comply with the new requirements.

’’ Only Bureaux De Change that meets the new requirements will qualify to be engaged as agent by the licensed International Money Transfer Operators for inward and outward money transfer business in Nigeria’’ the CBN said.

The CBN also said interest will be paid on the mandatory cautionary deposit of N35 million based on banking industry savings account rate.

Nigeria’s Central Bank said meanwhile, all BDCs that paid the mandatory caution deposit of N500, 000.00 to it prior to 2009, are advised to apply for their refund.

On June 23 the CBN, issued fresh guidelines to BDCs operators on ownership and requirements for licensing.

According to the Nigeria’s Central Bank, the new guidelines for International Money Transfer Services in Nigeria were in line with the provisions of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 17 of 1995 and the Banks and Other Financial Institutions Act, BOFIA of 1991, which empowered it to license and regulate BDC operations in the country to achieve set objectives.