The Central Bank of Nigeria (CBN) has granted a six-month extension for Bureaux De Change (BDC) operators to meet new capitalization requirements, pushing the deadline to June 3, 2025.
This announcement was made by the President of the Association of Bureaux De Change of Nigeria (ABCON), Aminu Gwadebe, during a virtual general meeting with members on Monday. The extension follows the CBN’s May 2024 issuance of new operational guidelines for BDCs, which took effect on June 3. The guidelines require all existing BDCs to reapply for licenses according to their chosen categories, Tier 1 or Tier 2, and meet the respective minimum capital requirements within six months.
Tier 1 BDCs are required to have a capital base of N2 billion, while Tier 2 BDCs must have N500 million. Additionally, Tier 1 and Tier 2 licenses come with non-refundable fees of N5 million and N2 million, respectively.
Gwadebe noted that while some BDCs have already begun the recapitalization process, the CBN’s extension provides a window for all operators to comply. “The CBN is willing to partner with BDCs to ensure that the recapitalization process is seamless,” Gwadebe said. He thanked the CBN for the extension, emphasizing the opportunities in the recapitalization effort.
The extension applies only to existing BDCs, while new operators seeking licences have an indefinite timeline for compliance. Gwadebe also highlighted the wide opportunities that come with recapitalization, including the ability for BDCs to source and sell foreign currency, open foreign currency and naira accounts, and collaborate with banks to issue prepaid debit cards.
The meeting saw participation from over 220 CBN-licensed BDCs, ABCON Council members, and other industry stakeholders, marking a significant step in the industry’s transition to stronger, more capitalized operations.
