Breaking: CBN Pushes Recapitalization Deadline For BDC Operators

Breaking: CBN Pushes Recapitalization Deadline For BDC Operators

The Association of Bureaux De Change of Nigeria (ABCON) has announced that the Central Bank of Nigeria (CBN) has extended the recapitalization deadline for Bureaux De Change (BDC) operators by six months. The new deadline is now June 3, 2025, instead of December 2024…….READ MORE 

During a virtual meeting with over 220 CBN-licensed BDC operators and stakeholders, ABCON President Aminu Gwadebe shared the development, expressing gratitude to the CBN for listening to the concerns of operators. He emphasized the importance of compliance, unity, and collaboration within the industry as operators work to meet the capital requirements.

Key Recapitalization Guidelines:

1. Tier 1 BDCs: Minimum capital base of ₦2 billion with a non-refundable license fee of ₦5 million.
2. Tier 2 BDCs: Minimum capital base of ₦500 million with a non-refundable license fee of ₦2 million.

Gwadebe highlighted that the recapitalization presents significant growth opportunities for BDCs. The new regulations authorize BDCs to source foreign currency, sell foreign exchange, open both naira and foreign currency accounts, and partner with banks to issue prepaid debit cards.

The extension applies to existing operators, while new applicants have no fixed timeline to obtain licenses. The CBN reiterated its commitment to ensuring a seamless recapitalization process for all operators.

This decision aligns with the CBN’s ongoing efforts to strengthen the foreign exchange market and enhance financial stability in Nigeria.

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