By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) said on Friday 32 Bureau De Change (BDC) operators has been added to the list of firms that has met its new capital base increasing it to 2,618 from 2,586 in February, according to the latest report.

The CBN had in January published a list of 2,544 operators that met the recapitalisation requirement, up from 2,442 in September last year.

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.