The Central Bank of Nigeria (CBN) recapitalization deadline for Bureau De Change (BDC) operators officially expired today, prompting renewed appeals from industry stakeholders for an extension to safeguard three million jobs and ensure compliance with new financial requirements.
The Association of Bureau De Change Operators of Nigeria (ABCON), led by its President. Dr. Aminu Gwadabe has urged the CBN to extend the deadline further and reassess licensing requirements to prevent widespread job losses and economic disruptions.
In May 2024, the CBN raised the minimum share capital requirements for BDC operators, increasing the threshold to N2 billion for Tier 1 licenses and N500 million for Tier 2 licenses, a substantial leap from the previous N35 million required for a general license.
