From Victor Osula, Abuja
The Association of Bureau De Change Operators of Nigeria (ABCON) has reaffirmed that the June 3, 2025, deadline set by the Central Bank of Nigeria (CBN) for Bureau De Change (BDC) operators to meet new recapitalisation requirements remains in force.
In May 2024, the CBN issued revised operational guidelines for BDCs, mandating all existing operators to reapply for new licences and raising the minimum share capital to ₦2 billion for Tier 1 licences and ₦500 million for Tier 2—significantly higher than the previous ₦35 million required for a general licence.
Following low compliance levels, the CBN extended the initial deadline by six months in November 2024, setting June 3, 2025, as the final compliance date.
Speaking after a stakeholders’ meeting with the CBN in Lagos, ABCON President, Dr. Aminu Gwadabe, reiterated that the recapitalisation deadline remains unchanged.
“First, we want to thank the management of the Central Bank for their enhanced consultations with stakeholders. The CBN has acknowledged that our sub-sector is a critical part of the retail end of the forex market and that BDCs are potent tools for implementing monetary policy,” he said.
“The deadline for recapitalisation by June 3, 2025, remains sacrosanct. Likewise, the minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2 remain unchanged,” Gwadabe stated.
While noting that only about 10 per cent of ABCON members had met the new capital requirements as of Monday, June 2, Gwadabe expressed hope that further discussions might yield a favourable outcome.
“Discussions are ongoing, and we’re appealing for a further extension and a possible review of the financial requirements, as some members are still working towards compliance,” he added.
Gwadabe also disclosed that the licensing window remains open for new entrants and that the CBN has agreed to expedite the licensing process for eligible investors.
“Other matters are still being finalised, but we remain hopeful of achieving a win-win resolution,” he said.
