House of Rep stops CBN Bureau De Change to overhauling ...

THE House of Representatives, on Thursday, halted the moves by the Central Bank of Nigeria (CBN) to sanitise the foreign exchange market through the directive to Bureau De Change (BDC) operators to raise their operating capital base to N35 million from N10 million.

Apart from the directive of the House to CBN to immediately suspend the policy, the House consequently summoned the apex bank governor, Mr Godwin Emefiele.

The House directed that the CBN boss should appear before the House Committee on Banking and Currency, chaired by Honourable Jones Chukwudi Onyereri, “for a full brief on the policy somersault.”

The House resolution was sequel to a motion moved by Honourable Ibrahim Shehu-Gusau, entitled, ‘Urgent need to halt the recent increase in capital base for bureau de change by 25 per cent.’
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While leading the debate on the motion, he noted that the CBN raised the minimum capital requirement for operation of BDCs in Nigeria from N10 million to N35 million, noting that “the mandatory cautionary deposit was equally reviewed from N3 million to N35 million, which shall be deposited in a non-interest-yielding account in the CBN along with the licensing fee.

He said the bureau de change had provided job opportunities for millions of Nigerians, adding that the new rule would send many forex operators out of business and create more unemployment. - Tribune