Kano State Governor Rabi’u Kwankwaso has appealed to the Central Bank of Nigeria, CBN, to revise its new policy on Bureau De Change, BDC, operation in the country, saying that part of the measures introduced to sanitise the sub-sector will be counterproductive.

Kwankwaso spoke while receiving a Micro finance banking team from the Central Bank of Nigeria and a team of financial experts from Bangladesh who visited him at the Government House, Kano.

The governor added that as entailed in the new policy, the increase in the minimum capital requirement of N35million for Bureau De Change operation in the country, representing 250 per cent raise from the previous N10million would render many operators out of business.

According to the governor, many of the operators cannot meet the new benchmark, saying that there is the need to note that majority of them are form northern part of the country.

The CBN had recently issued what it called “Guidelines for International Money Transfer Services in Nigeria”, which the apex bank explained was in line with the provisions of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 17 of 1995 and the Banks and Other Financial Institutions Act, BOFIA of 1991, which empowered it to license and regulate BDC operations in the country to achieve set objectives.

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http://monitor9ja.com/2014/07/kwankwaso-appeals-cbn-new-bureau-de-change-policy/

So because majority of them are from the north, a good policy should be thrown out. Its really unfortunate the north keep dragging Nigeria back in any good policy.

kwa kwa so is mad

This is the mindset of an average northern politician. Its a huge issue if it affects their collective wealth no matter how sound such policy is.
If it doesn't impact them negatively, every other person should go to hell.

This is one of the reasons they wanted SLS in CBN forever. Infact, Stricter measures shud be put in place..... like 100million.we need to eliminate all artificial mark up on the exchange rates introduced by these black marketers.

.............. A supporter of APC GOVERNOR..........


From a supporter of APC political party( APC). What do you expect from a core northerner, Policies that favours them alone and drag our dear nation backwards.

If BIafra has succeded, by now it would av been a paradise on earth.

One Nigeria is A Mirage

Sanusi Lamido Sanusi is no more the CBN Governor, thank GOD for that.

FINALLY:
Goodluck Jonathan till 2019( No Vacancy in Aso Rock)

PDP till Buhari becomes a Pastor!!!!!

Kwankwaso Appeals To CBN Over New Bureau De Change Policy
Published on July 17th, 2014
Written by: Monitor9ja
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Kano State Governor Rabi’u Kwankwaso has appealed to the Central Bank of Nigeria, CBN, to revise its new policy on Bureau De Change, BDC, operation in the country, saying that part of the measures introduced to sanitise the sub-sector will be counterproductive.

Kwankwaso spoke while receiving a Micro finance banking team from the Central Bank of Nigeria and a team of financial experts from Bangladesh who visited him at the Government House, Kano.

The governor added that as entailed in the new policy, the increase in the minimum capital requirement of N35million for Bureau De Change operation in the country, representing 250 per cent raise from the previous N10million would render many operators out of business.

According to the governor, many of the operators cannot meet the new benchmark, saying that there is the need to note that majority of them are form northern part of the country.

The CBN had recently issued what it called “Guidelines for International Money Transfer Services in Nigeria”, which the apex bank explained was in line with the provisions of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 17 of 1995 and the Banks and Other Financial Institutions Act, BOFIA of 1991, which empowered it to license and regulate BDC operations in the country to achieve set objectives.

Kwankwaso said, “Although it is imperative to sanitise market operations, check money laundering activities and regulate the transfer of foreign currency within and outside the country, the increase in minimum capital requirement will likely throw many operators out of business and worsen the unemployment situation in the country”.

He stated that his administration recently signed a law that would protect and support micro finance bank establishment in order to encourage people, especially in rural areas to take advantage of banking services, adding that the CBN has granted approval for the take-off of 35 such banks in the state.

The Leader of the team and the CBN Director of Development Finance, Mr. Paul Nduka, had earlier told the governor that members of the team were in the state to assess the performance of Kano Micro Finance Banks, adding that the CBN approved the use of Bank of Bangladesh methodology in micro finance operation in Nigeria.

Nduka said that the team from Bangladesh would provide technical assistance to Kano micro finance banks in areas of risk management, structure, governance and others, adding that they would also provide two weeks training to all officials of the banks.

When his brother SLS was cbn governor and was making policies that targets mostly southetners where was he?

Was there any notherner that told sls to stop?

As you did to others so shall be done to you period.

some have brain but can not use, some can use but have no brain... I pity kwasokor or what is his name ?

Firefire: some have brain but can not use, some can use but have no brain... I pity kwasokor or what is his name ?

You will never find Apc e-rats condemn Kwankwaso's appeal.This is the same man who wants to vie for the office of the president.smh

If God made this man our president so his polices will be to the favor of hauasa fulani?

Not minding how it affects the nations economy.

Does that man knows what he is saying.

How many BDCs he get may be that na why he dey express concern

masu: If God made this man our president so his polices will be to the favor of hauasa fulani?

Not minding how it affects the nations economy.

this is exactly why i fear the prospective of a northern president. Buhari, kwankwaso will be north-sentimental; they just can't avoid it.

I shudder at the prospect of power ever returning to the Hausa fulani. Their parochial take on national issues will always be Nigerias bane

What is so special about this exchange business that the hausa-fulanis guard so jealously.

Is there something we do not know that they do know.

They have opposed a transformation in that sector since the days of Soludo

Sometimes, I wonder how I found myself sharing the same country with barbarians as the huasas n fulanis.

same reason why these bastards killed Soludo's re denomination policy

Some of the peeps commenting didn't even read the article. They just want to criticize because the man is critical of their President.

Why not counter his arguments, he is speaking for the North and so what? Bar our southern politicians always talking about resource control. What else have they say that is beneficial to the south?