No fewer than 2,000 Bureau De Change (BDCs) operators have met the recapitalization deadline set by the Central Bank of
CBN had on
At a meeting with top CBN officials in
Although, CBN officials who attended to the leadership of the group did not give any assurances, the two parties, it was gathered, agreed to continue discussion with relevant stakeholders to ensure that the interests of other members who failed the recapitalization process are protected.
However, in a telephone conversation with
"Also, in cognisance of the fact that all BDCs may not be able to either secure merging partners, source for new investors and or raise money internally to meet the capital require, we have recommended that CBN allow BDCs with N10m capital to continue to exist but may be denied access to the weekly CBN dollar sales. This means they can trade but would not be allowed to buy dollars from CBN."
"To us, it is going to be a continuous struggle until total victory is achieved. But right now and unfortunately too, the fate of our 3000 members is dicey even though the policy became effective yesterday (Monday), though with operational and logistic challenges," he said.
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