The House of Representatives yesterday directed the Central Bank of Nigeria (CBN) to immediately suspend the directive to Bureau De Change (BDC) operators to raise their operating capital base to N35 million from N10 million.

Also, the CBN Governor, Godwin Emefiele, was also summoned to face the Jones Onyeriri-led House Committee on Banking and Currency. Emeifele is expected to give a “full briefing” on the controversial directive.

These were fallouts of a motion sponsored by Hon. Ibrahim Shehu-Gusau (Zamfara/PDP) on the CBN directive to BDC operators.

Federal lawmakers tagged the CBN directive a “policy somersault” and called for a “systematic review”.

In lead debate, Shehu-Gusau stated: “Bureau De Change has provided millions of Nigerians job opportunities. I am worried that the new rule will send many BDC operators out of business. The increments are outrageous against the backdrop that the CBN will also reduce the amount of dollars being issued to BDCs from $50,000 to $15,000 per week.”

However, speaking in favour of the CBN directive, Hon. Victor Nwokolo (Delta/PDP) likened the move to the 2005 bank recapitalisation. He said increasing the operating capital base of BDCs will strengthen foreign exchange transactions.

CBN had on June 22 released fresh guidelines for BDC operators and raised the operating capital base to N35 million from N10 million to check persistent depletion in the country’s external reserves and the financing of unauthorised transactions.

In addition, the apex bank stated that all BDCs applying for the new licence would be expected to make an application fee of N100,000; a licensing fee of N1 million and an annual renewal fee of N250,000.

The CBN announced July 15 as deadline for the new capital.

•Text courtesy of LEADERSHIP. Photo shows CBN Governor Emefiele.