The Association of Bureaux De Change Operators of Nigeria (ABCON) has announced a six-month extension of the deadline for BDC operators to recapitalise, following approval by the Central Bank of Nigeria (CBN). The new deadline is now set for June 3, 2025.
ABCON President, Aminu Gwadabe, disclosed the extension during a virtual general meeting with members on Monday. He commended the CBN for listening to stakeholders and offering additional time to meet the recapitalisation requirements.
In May, the CBN introduced new operational guidelines for BDCs, effective June 3, 2024. Under the guidelines, BDCs are required to reapply for licences under two tiers.
Tier 1 operators must have a minimum capital base of N2 billion and pay a non-refundable licence fee of N5 million, while Tier 2 operators need a minimum capital of N500 million and a licence fee of N2 million.
Gwadabe noted that some BDCs have already begun complying with the recapitalisation directives. He encouraged members to view the process as an opportunity for growth and improved service delivery.
“The CBN is willing to partner with BDCs to ensure that the recapitalisation process is seamless,” he said. “We are sending a message of unity, collaboration, and opportunities to ABCON members. We thank the CBN for granting this extension.”
He added that the new deadline applies only to existing BDCs, while new entrants into the sector have no fixed timeline for obtaining licences.
Gwadabe highlighted the strategic role of BDCs in Nigeria’s financial system, pointing out that they are empowered to source foreign currency, sell foreign exchange, open naira and foreign currency accounts, and collaborate with banks to issue prepaid debit cards.
The meeting was attended by over 220 CBN-licensed BDC operators, ABCON council members, and other key stakeholders.
It emphasized the importance of collaboration to ensure compliance with the new capital requirements and to position BDCs for greater opportunities in the evolving financial landscape.
