ABUJA, Nigeria (VOICE OF NAIJA)-The Association of Bureau De Change Operators of Nigeria (ABCON) has reaffirmed that the Central Bank of Nigeria’s June 3 recapitalisation deadline for Bureau De Change (BDC) operators remains unchanged.
ABCON President, Dr. Aminu Gwadabe, made this known in an interview with the News Agency of Nigeria (NAN) in Lagos following a stakeholder meeting with the Central Bank.
According to NAN, the CBN in May 2024 introduced new operational guidelines for BDCs, effective from June 3, 2024.
The guidelines require all existing BDCs to reapply for new licences. Under the revised framework, Tier 1 BDCs are expected to maintain a capital base of N2 billion, while Tier 2 operators must have N500 million.
The non-refundable licence fees are N5 million for Tier 1 and N2 million for Tier 2.
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Both categories were given six months to comply with the capital requirements for their chosen tier.
The apex bank later granted an additional six-month extension, allowing BDCs more time to meet the requirements, while continuing engagements with operators.
Despite the extension, ABCON had previously expressed concern that only about 10 per cent of its members had met the new capital requirement as of Monday.
Following a final stakeholder engagement with the CBN in Lagos on Monday, Gwadabe expressed appreciation to the central bank for its collaborative approach and reaffirmed the importance of the recapitalisation deadline.
“First, we want to thank the management of the Central bank for their enhanced consultations with stakeholders. The CBN have acknowledged that our sub sector is a critical retail end sub sector and that BDCs are important and potent tool of CBN’s policy transmission mechanisms. Discussions are ongoing and with some give and take. The deadline for the existing BDCs for recapitalisation by June 3rd, 2025 remains sacrosanct.
Also, the minimum capital requirements of N2billion for tier 1 and N500million for tier 2 remain sacrosanct,” he said.
Gwadabe also noted that the window for new licences remains open to prospective investors, with a commitment to fast-tracking the licencing process.
“Other matters are yet to be wrapped up with higher hopes of reaching a win win situation,” he said.