The development comes after the CBN raised the minimum capital requirements for BDC operators in May 2024—₦2 billion for Tier 1 licences and ₦500 million for Tier 2—up from the previous ₦35 million.
Despite a six-month extension granted in November 2024, only a small fraction of operators met the new requirements.
The mass closure is expected to affect over three million jobs directly and indirectly linked to the sector.
The Association of Bureau De Change Operators of Nigeria (ABCON), led by Dr. Aminu Gwadabe, has appealed to the CBN for another extension and a review of the policy to avoid large-scale job losses and disruption to the economy.
