The Association of Bureaux De Change of Nigeria has revealed that the Central Bank of Nigeria has extended the deadline for BDC operators to recapitalise by six months.
The ABCON President, Aminu Gwadebe, revealed this during a virtual general meeting with members on Monday.
With this extension, the new deadline for the recapitalisation would be June 3, 2025.
In May, the CBN issued new operational guidelines for BDCs, which became effective June 3 directing all existing BDCs to re-apply for a new licence according to their preferred categories (Tier 1 and Tier 2 BDCs) and meet the minimum capital requirement of the licence category applied for within six months from the effective date of the guidelines.
According to the guidelines, BDCs with Tier 1 licences are expected to have a capital base worth N2bn while Tier 2 licences must have N500m with non-refundable licence fees of N5m and N2m, respectively.
In a statement Gwadebe noted that some BDCs have started complying with the CBN directive on recapitalisation.
He added that the apex bank has also approved a six-month extension for all BDCs to recapitalise their operations with the deadline moved from December 2024 to June 2025.
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.”
He said the deadline applies to existing BDCs, while new operators seeking licences have an indefinite timeline to get their licences.
“I want us to brace up and see the opportunities in the recapitalisation, which are immeasurable. There are great opportunities,” Gwadabe said.
The ABCON boss said that CBN regulation empowers BDCs to acquire foreign currency from diverse sources, sell foreign exchange, and open foreign currency and naira accounts with commercial or non-interest banks as well as collaborate with its bankers to issue prepaid debit cards.
The operators in attendance at the meeting include over 220 CBN-licenced BDCs, ABCON Council members, and other stakeholders.