The Association of Bureaux De Change Operators of Nigeria has announced that the Central Bank of Nigeria has extended the deadline for Bureau de Change operators to meet the new recapitalisation requirements by an additional six months.
This extension, confirmed by ABCON President Aminu Gwadebe during a virtual general meeting on Monday, moves the new deadline to June 3, 2025.
In May, the CBN issued fresh operational guidelines for BDCs, effective June 3, requiring all existing BDCs to reapply for new licenses based on their preferred categories—either Tier 1 or Tier 2—and meet the capital requirements for those categories within six months. Under the guidelines, BDCs applying for a Tier 1 license must have a capital base of N2 billion, while those applying for Tier 2 licenses must have N500 million. Non-refundable licensing fees of N5 million and N2 million apply, respectively.
Gwadebe noted that some BDCs have already begun complying with the CBN’s recapitalisation directive. He added that the CBN’s six-month extension, which pushes the deadline from December 2024 to June 2025, reflects the apex bank’s commitment to working with BDCs to ensure the process is completed smoothly.
“The CBN is ready to partner with BDCs to ensure a seamless recapitalisation process. We appreciate their understanding and the six-month extension,” Gwadebe said.
He also emphasised that the new deadline applies only to existing operators, while new BDC entrants will have an indefinite timeline to obtain their licenses.
Gwadebe encouraged members to view the recapitalisation as an opportunity for growth and expansion, stating, “There are immense opportunities ahead.” He reminded operators that the CBN’s regulations allow BDCs to source and sell foreign currency, open foreign and naira accounts, and work with banks to issue prepaid debit cards.
The meeting, which included over 220 CBN-licensed BDCs, ABCON Council members, and various stakeholders, provided further insights into the implementation of the new guidelines.
