The committee made the clarification during an interactive session with the bank's top management on Wednesday, in respect of the CBN new guidelines and requirements for BDC registration and operations.
The Chairman of the committee,
Onyereri, noted that the committee respected the autonomy of the CBN and will work with the bank to ensure that it delivers on its mandate in the overall interest of Nigerians.
But the CBN Governor,
Emefiele, who appeared before the committee in response to their summon, said many of the BDCs were either not located or relocated without prior approval, adding that majority of them had no good accounting records and many had no adequate sales document and lacked audit trail.
In his submission, Emefiele stated that the new policy, which entails a minimum capital requirement of N35 million and a mandatory cautionary deposit of N35 million, was intended to ensure the emergence of well capitalised and structured entities.
He reiterated that the new regulatory requirement was not in any way targeted at operators from a certain section of the country, noting that there are operators in all parts of the country.
The Governor warned that there are serious leakages on our foreign exchange reserves necessitating the urgent need to plug such, assuring that the policy is a holistic effort to conserve foreign exchange owing to the massive drain on the country's reserves and to achieve exchange rate stability.
He said the apex bank is now unwavering in its determination to stem the depletion of the country's foreign reserves with flimsy and unproductive transactions.
The CBN chief lamented that far from achieving the laudable objectives for which they were set up and complement financial system, over time the operations of the BDC have been bedeviled by rent-seeking, weak operational structure, financing of illicit transactions, gradual dollarisation of the Nigerian economy and multiple ownership of BDC licences.
On the complaint of short duration given to the operators to recapitalize, the apex bank helmsman said that the time frame was not only adequate, but that over 200 operators have already complied with the new requirements.
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