The Association of Bureaux De Change of Nigeria has revealed that the Central Bank of Nigeria offered to extend the deadline for BDC operators recapitalization by six months.
The ABCON President, Aminu Gwadebe, made this revelation during a virtual general meeting with members on Monday.
Gwadebe noted that the new deadline for the recapitalization would be June 3, 2025, instead of December, 2024.
According to him, some BDCs have started complying with the CBN directive on recapitalization.
“The CBN is willing to partner with BDCs to ensure that the recapitalization process is seamless.
“We are sending a message of unity, collaboration, and opportunities to ABCON members to continue to strive to ensure they meet the new capital requirements. We thank the CBN for listening and giving us a six-month extension,” he said.
Recall that in May, the CBN issued new operational guidelines for BDCs, which became effective June 3, directing all existing BDCs to re-apply for a new licence according to their preferred categories (Tier 1 and Tier 2 BDCs) and meet the minimum capital requirement of the licence category applied for within six months from the effective date of the guidelines.
According to the guidelines, BDCs with Tier 1 licences are expected to have a capital base worth N2bn, while Tier 2 licences must have N500 million with non-refundable licence fees of N5 million and N2m, respectively.
Media Talk Africa reports that the naira crashed at both official and black foreign exchange markets on Monday to close at N1,675.52 and N1,755 per dollar.
Naira crashes against dollar on FX markets
