The Central Bank of Nigeria has extended the deadline for Bureaux De Change operators to meet recapitalisation requirements by six months, according to the Association of Bureaux De Change Operators of Nigeria.
ABCON President, Aminu Gwadabe made this disclosure during a virtual general meeting with members on Monday, stating that the new deadline for compliance is now June 3, 2025.
The extension provides additional time for operators to meet the capital requirements mandated by the CBN, which aims to strengthen the financial stability of the sector.
In May 2024, the CBN issued new operational guidelines for BDCs, which became effective on June 3, 2024.
These guidelines required all existing BDC operators to re-apply for a new license under one of two categories—Tier 1 or Tier 2—and meet the minimum capital requirements for their chosen category within six months of the effective date.
According to the new guidelines, BDCs holding Tier 1 licenses are required to have a capital base of N2 billion, while Tier 2 BDCs must maintain a capital base of N500 million. The non-refundable license fees for the respective categories are N5 million for Tier 1 and N2 million for Tier 2.
Gwadebe stated that some BDC operators have already begun complying with the Central Bank of Nigeria’s directive on recapitalisation, ensuring they meet the new requirements ahead of the extended deadline.
He also confirmed that the CBN has approved a six-month extension for all BDCs to complete their recapitalisation. The new deadline for compliance has been moved from December 2024 to June 2025, giving operators additional time to meet the required capital thresholds.
He said, “The CBN is willing to partner with BDCs to ensure that the recapitalisation process is seamless. We are sending a message of unity, collaboration, and opportunities to ABCON members to continue to strive to ensure they meet the new capital requirements. We thank the CBN for listening and giving us a six-month extension.”
Gwadebe clarified that the extended deadline applies specifically to existing BDCs while new operators seeking licenses will have an indefinite timeline to obtain their licenses.
“I want us to brace up and see the opportunities in the recapitalisation, which are immeasurable. There are great opportunities,” he said.
The ABCON boss highlighted that the CBN regulations empower BDCs to acquire foreign currency from various sources, sell foreign exchange, and open both foreign currency and naira accounts with commercial or non-interest banks.
Additionally, BDCs can collaborate with their bankers to issue prepaid debit cards.
The meeting was attended by over 220 CBN-licensed BDC operators, ABCON Council members, and other stakeholders, reflecting significant participation from the industry.
