By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN), on Wednesday confirmed that 2,688 Bureaux de Changes (BDCs) have complied with new requirements for operations in the country.

The CBN through its Financial Policy and Regulation Department in a circular entitled: “Updated list of confirmed Bureaux de Change in compliance with new requirements” confirmed the list of the BDCs.

In June 2014, the apex bank revised upward the minimum capital requirement for BDC operations in Nigeria from N10 million to N35 million.

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

The CBN said the new requirements is to ensure that only genuine companies operate as BDCs in Nigeria and has taken steps to check the growing incidence of rent-seeking, depletion of external reserves, financing of unauthorised transactions and dollarisation, among others.

It says 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.

The Nigeria’s central bank affirmed that ownership of multiple BDCs is not permissible, and would be punishable if detected.

The CBN had issued a July 15, 2014 deadline for all existing BDCs and those currently operating with a final approval letter to comply with the requirement on mandatory cautionary.

Apart from the N35 million capital requirement, the CBN said the compulsory membership of the association of bureau de change operators of Nigeria (ABCON) is no longer a requirement for the licensing of BDCs.