By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Friday released the names of confirmed 2,493 Bureaux de Changes firm up from the earlier announced 2,442 that complied with its new operating requirements as at July 31, 2014.

The CBN released these names through its Financial Policy and Regulation Department.

On June 23, the Nigeria’s Central Bank issued a new minimum capital requirement of N35 million for BDC operators in Nigeria.

According to the CBN, the new capital requirement is part of its bid to correct observed deficiencies in the operation of BDCs in the country which have led to gross inefficiencies and sharp practices in the foreign exchange market.

The new requirements are to ensure that only genuine companies operate as BDCs in Nigeria. Other requirements include reviewing the mandatory cautionary deposit to N35 million which shall be deposited in a non-interest yielding account in the CBN upon the grant of approval-in-principle.

The CBN said for BDC operators to be granted license, they are required to pay an application fee of N100, 000.00, licensing fee of N1 million and annual renewal fee of N250, 000.00.

On August 15, the CBN listed the names of 2,442 BDCs as having met its N35 million new operating capital requirement in the review period.

This means the number of BDCs operators has increased by 51 from 2,442 to the confirmed 2,493 that met the Apex Bank’s operating requirements as at July 31.

The CBN says that all the BDCs that met the requirement would be engaged as agents by licensed international money transfer operators for inbound and outbound money transfer business in Nigeria.

The CBN further affirmed that if about 4,625 BDCs are granted licences, to operate in the country, it must sell $50,000 on a weekly basis amounting to funding their operations with $12 billion per annum; which would provide an avenue for the depletion of the nation’s foreign reserves.