The Association of Bureau De Change Operators of Nigeria (ABCON) has reiterated that the Central Bank of Nigeria’s (CBN) June 3, 2025, deadline for the recapitalisation of Bureau De Change (BDC) operators remains final and non-negotiable.
ABCON President, Dr. Aminu Gwadabe, made this statement during an interview with the News Agency of Nigeria (NAN) in Lagos following a stakeholders meeting with the CBN.
According to NAN, the CBN issued new operational guidelines for BDCs in May 2024, effective from June 3, 2024, requiring all existing BDC operators to reapply for fresh licenses. Under these guidelines, Tier 1 BDCs must maintain a capital base of ₦2 billion, while Tier 2 operators require ₦500 million. The associated non-refundable license fees are ₦5 million for Tier 1 and ₦2 million for Tier 2.
Initially, both Tier 1 and Tier 2 BDCs were granted six months to meet the minimum capital requirements for their respective license categories. The CBN later extended this recapitalisation deadline by an additional six months, continuing dialogue with BDC operators to ensure compliance by June 3, 2025.
Despite this, ABCON expressed concern that only about 10 percent of its members had met the new capital requirements as of the previous Monday. Consequently, the association held a final stakeholder engagement with the CBN in Lagos on the same day.
Speaking on the outcome, Dr. Gwadabe thanked the CBN for its proactive consultations with stakeholders and affirmed that the recapitalisation deadline remains “sacrosanct.” He emphasized the CBN’s recognition of the BDC subsector as a vital part of the retail foreign exchange market and an effective tool for implementing monetary policy.
“Discussions continue with some give and take,” he noted. “However, the deadline of June 3, 2025, for existing BDC recapitalisation remains firm. Likewise, the minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2 remain unchanged.”
He also confirmed that the window for new licenses is open to prospective investors, with plans underway to accelerate the licensing process. Dr. Gwadabe expressed optimism that ongoing issues would be resolved in a manner beneficial to all parties.
(NAN)
