The Association of Bureau De Change Operators of Nigeria has said the deadline for the recapitalization of legal BDC operators in Nigeria remains unchanged at Tuesday, June 3, 2025.
ABCON President Dr Aminu Gwadabe made this known in an interview with NAN in Lagos after a stakeholder meeting with the Central Bank of Nigeria.
“The deadline for the existing BDCs for recapitalization by June 3rd, 2025, remains sacrosanct. Also, the minimum capital requirements of N2 billion for tier 1 and N500 million for tier 2 remain sacrosanct,” he said.
The development comes amid alarm earlier raised by ABCON that only 10 percent of its members were able to meet up with the recapitalization requirements as of Monday after a six-month grace period was given by CBN.
Recall that in May 2024, CBN issued new operational guidelines for BDCs, effective June 3, 2024, directing all existing BDCs to reapply for new licences.
Accordingly, the guideline makes it mandatory for BDCs with Tier 1 licences to have a capital base of N2 billion, while those with Tier 2 licences need N500 million, with non-refundable licence fees of N5 million and N2 million, respectively.
