The Central Bank of Nigeria (CBN) has announced a six-month extension for Bureau De Change (BDC) operators to meet the new capital requirements, moving the deadline from December 3, 2024, to June 3, 2025.
Aminu Gwadabe, president of the Association of Bureaux De Change of Nigeria (ABCON), made the announcement during an emergency virtual general meeting held for ABCON members.
The meeting was convened to address the issue of compliance with the CBN‘s recapitalisation mandate, which has seen a low level of adherence among BDC operators.
Gwadabe explained that the decision to extend the deadline was made in response to the challenges faced by many BDC operators in raising the necessary capital. He emphasized that the extension is part of ongoing efforts by the CBN and ABCON to ensure a smooth and effective recapitalisation process for the sector.
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“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,” Gwadabe said.
The extended deadline applies to existing BDCs, while new operators seeking a license will have an indefinite timeline to complete the process of obtaining their licenses.
Gwadabe also urged BDC operators to view the recapitalisation as an opportunity for growth. “I want us to brace up and see the opportunities in the recapitalisation, which are immeasurable,” he stated.
Over 220 CBN-licensed BDCs, along with ABCON Council members and other stakeholders, participated in the meeting, which underscores ABCON’s ongoing dialogue with the CBN to ensure a smooth transition for all members involved in the recapitalisation process.
