CBN Retire Employees
The Association of Bureaux De Change of Nigeria (ABCON) has announced that the Central Bank of Nigeria (CBN) has extended the deadline for Bureaux De Change (BDC) operators to complete their recapitalisation by six months, moving the new deadline to June 3, 2025.
ABCON President, Aminu Gwadabe, disclosed this development during a virtual general meeting held with members on Monday. He revealed that the extension follows the introduction of new operational guidelines by the CBN in May, which came into effect on June 3, 2024.
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EKO HOT BLOG reports that the guidelines require existing BDCs to reapply for new licences under two categories—Tier 1 and Tier 2—with minimum capital requirements of ₦2 billion and ₦500 million, respectively. Tier 1 and Tier 2 BDCs are also mandated to pay non-refundable licence fees of ₦5 million and ₦2 million.
Gwadabe expressed appreciation to the CBN for the deadline extension, stating, “The CBN is willing to partner with BDCs to ensure the recapitalisation process is seamless. We thank the CBN for listening and giving us a six-month extension.”
The president encouraged BDC operators to embrace the recapitalisation process as an opportunity for growth, emphasizing that the changes offer significant benefits. He noted that while the deadline applies to existing BDCs, new operators seeking licences have no fixed timeline.
Under the CBN’s guidelines, BDCs are authorized to source and sell foreign exchange, open foreign currency and naira accounts with commercial or non-interest banks, and collaborate with banking partners to issue prepaid debit cards.
CBN BDC Operators’ Recapitalisation
Over 220 CBN-licensed BDC operators, members of the ABCON Council, and key stakeholders attended the meeting, which highlighted the steps being taken by operators to meet the new capital requirements.
The extended timeline aims to ensure a smooth transition for BDCs while fostering collaboration between the CBN and operators in the sector.
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