The Association of Bureaux De Change Operators of Nigeria (ABCON) has announced that the Central Bank of Nigeria (CBN) has granted a six-month extension for BDC operators to meet recapitalization requirements.

ABCON President, Aminu Gwadabe, disclosed this during a virtual general meeting with members on Monday.

With the extension, the new recapitalization deadline has been shifted to June 3, 2025.

In May, the CBN introduced revised operational guidelines for BDCs, effective June 3.

The guidelines required existing operators to reapply for licenses under the newly established Tier 1 and Tier 2 categories and meet the minimum capital requirements for their chosen tier within six months.

The guidelines stipulate that BDCs holding Tier 1 licenses must maintain a capital base of N2 billion, while those with Tier 2 licenses are required to have N500 million.

Additionally, the non-refundable license fees are set at N5 million for Tier 1 and N2 million for Tier 2.

In a statement, Gwadebe confirmed that some BDCs have already begun complying with the CBN’s recapitalization directive.

He further mentioned that the central bank has granted a six-month extension for all BDCs to complete their recapitalization, moving the deadline 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 stated that the deadline applies to existing BDCs, while new operators applying for licenses will have an indefinite timeline to secure their approvals.

“I want us to brace up and see the opportunities in the recapitalisation, which are immeasurable. There are great opportunities,” Gwadabe said.

The ABCON president explained that CBN regulations allow BDCs to source foreign currency from various channels, sell foreign exchange, and open both foreign currency and naira accounts with commercial or non-interest banks.

Additionally, BDCs can work with their banking partners to issue prepaid debit cards.

The meeting was attended by over 220 CBN-licensed BDCs, ABCON Council members, and other key stakeholders.

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