CBN Commences Immediate Refund Of Capital Deposits And Licensing Fees To BDC Promoters With Pending License Applications

The Central Bank 🏦 of Nigeria has in a circular released on the 28th July 2021, revealed that they have began immediate refund of capital deposits and licensing fees to the promoters of Bureaux De Change (BDC) who have pending license applications with the CBN.

This is coming after the decision to suspend sales of FX to BDCs by the CBN at the Monetary Policy Committee (MPC) meeting on July 27th 2021.

How Can BDC Promoters Claim Back Their Deposits For Pending License Applications?

* The CBN advises that such BDC promoters should forward their refund requests in writing to the Director, Financial Policy and Regulation Department in Abuja.

* The requests must be accompanied with the following documents:
a. Telex copy of the deposit of ₦35million
b. Account details for the refund which should carry the same details with the account where the funds originated from initially. 
The details must include;
i. Bank 🏦 Name
ii. Account Name
iii. Account Number
c. Copy of bank/telex for payment of licensing fees of ₦1million (if there's any)

* Hard copy of the request as outlined above should be submitted to CBN head office Central Abuja or CBN head office Annex, Tinubu Square, Lagos in an envelope clearly marked 'Refund of BDC Capital Deposit' at its top left corner.
* While the soft copy of the request can be sent in advance of the hard copy to

The CBN also advised deposit banks to desist from taking any instructions from customers to deposit ₦35million into CBN designated account for the purpose of BDC license application.

Attached below is the official statement from CBN:

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