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How To Request A Refund From CBN If You Applied For BDC Operating Licence Before July 27 New Forex Policy

Last Updated on July 30, 2021 by Opeyemi Quadri

Before the latest policy of the Central Bank of Nigerian on the sales dollars and other foreign currencies to Bureau de Change operators, there were individuals who submitted applications for BDC operating licence to the apex bank, they can now apply for a refund.

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This followed the announcement by the apex bank that no fresh licence would be granted to BDCs anyone. But President of President of the Association of Bureaux De Change Operators of Nigeria Alhaji Aminu Gwadabe, said they are still in business, find the report at: https://infomediang.com/cbn-has-not-banned-bdcs-from-trading-forex-bdc-operators-president

Godwin Emefiele had during a press briefing in Abuja on July 27, 2021 stated the decision to halt the sales of BDCs operators was taken because they aid and abet money laundering.

The apex bank is now undertaking an immediate reimbursement of capital deposits and licensing fees to BDC promoters with pending license applications.

According to an announcement with the reference number: FPRIDIRIPUBICIR/001/019, CBN revealed that the capital deposits of  N35 million and licensing fees of N1 million will be returned to the applicants.

Director of Financial Policy and Regulation Department, Ibrahim Tukur said:

“Further to the Monetary Policy Committee briefing of July 27 2021 the Central Bank of Nigeria will commence the immediate refund of capital deposits and licensing fees (where applicable) to promoters who have pending Bureau de Change license applications with the CBN.”

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Application for Capital Deposits Refund (N35 million)

If you fall under the category of people who fall under had deposited BDC operating licence application was submitted before July 27, 2021, below is how to request for refund

Direct your request to:

Director Financial Policy and Regulation Department

Central Bank of Nigeria,

Abuja.

The request should be accompanied by the following documents:

1) Telex copy of the capital deposit of N35 million,

2) Account details for the refund (which should be the same as the account from which the capital deposit originated, it should include:

  • Bank name,
  • Account name,
  • Account number

Application for Licensing Fees Refund (N1 million)

1) Copy of the bank draft/telex for payment of licensing fee of M1 million

2) Hardcopy of the request in ‘1’ and make a submission to:

CBN Head Office

Central Business District,

Abuja

Or

CBN Head Office Annex

Tinubu Square,

Lagos

The envelope should be clearly marked Refund of BDC Capital Deposit” at its top left corner.

Submission of softcopy of the request in 1 above should be sent in advance of the hard copy to: fenlicensing@cbn.gov.ng

CBN said no fresh application for BDC operating licence would be entertained and warned all Deposit Monetary Banks to desist from making transfer capital deposit to designated CBN accounts.

While some financial analysts hailed CBN for the decision, some forex experts say selling forex to commercials banks wouldn’t stop the racketeering the BDCs were accused of.

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