The Association of Bureau De Change Operators of Nigeria (ABCON) has reaffirmed that the Central Bank of Nigeria’s (CBN) June 3, 2025, deadline for the recapitalisation of Bureau De Change (BDC) operators remains unchanged and binding.
ABCON President, Dr. Aminu Gwadabe, made this known during an interview in Lagos following a stakeholders’ engagement with the CBN.
In May 2024, the apex bank issued new operational guidelines requiring all existing BDC operators to reapply for new licences under a revised capital structure. Under the new framework, Tier 1 BDCs are expected to have a minimum capital base of ₦2 billion, while Tier 2 operators must meet a ₦500 million threshold. Additionally, non-refundable licence fees of ₦5 million and ₦2 million apply to Tier 1 and Tier 2 categories, respectively.
The CBN initially gave a six-month window for compliance, later extending the deadline to June 3, 2025, to allow more operators to meet the new requirements.
Despite this extension, ABCON expressed concern that only about 10% of its members had met the capital requirements as of early June. The association, however, concluded a final round of consultations with the CBN on Monday in Lagos.
Commenting on the meeting, Dr. Gwadabe expressed appreciation for the CBN’s collaborative approach but reiterated the non-negotiability of the recapitalisation deadline.
“We commend the CBN for its sustained engagement with stakeholders. The bank recognises the BDC sub-sector as a vital part of the retail forex market and an important transmission mechanism for monetary policy,” he said.
“While discussions are ongoing, the recapitalisation deadline of June 3, 2025, for existing BDCs remains sacrosanct. Likewise, the minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2 remain unchanged,” he added.
Gwadabe also confirmed that the CBN had opened a window for new licence applications and had committed to fast-tracking the process for interested investors.
“Other details are still being finalised, but there is optimism about achieving a win-win outcome,” he said.
