The Association of Bureau De Change Operators of Nigeria has said that the Central Bank of Nigeria’s June 3 recapitalisation deadline for Bureau De Change (BDC) operators still stands.
The association recently shared that the date has not been moved despite reports saying otherwise.
Speaking after a stakeholders meeting with CBN, ABCON President, Dr Aminu Gwadabe, appreciated the apex bank for the move, while adding that the date has not been shifted.
According to him, CBN deserves praise for constantly consulting with stakeholders, and it shows that the apex bank realises how important BDCs are to its policy transmission mechanisms.
Aminu confirmed that the deadline remains the same and the minimum capital requirements of N2 billion for tier 1 and N500 million for tier 2 have not changed.
“First, we want to thank the management of the Central bank for their enhanced consultations with stakeholders.
The CBN have acknowledged that our sub sector is a critical retail end sub sector and that BDCs are important and potent tool of CBN’s policy transmission mechanisms.
Discussions are ongoing and with some give and take.
The deadline for the existing BDCs for recapitalisation 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.
He further noted that the window for new licences is open for prospective investors with an agreement to accelerate the licensing process.
“Other matters are yet to be wrapped up with higher hopes of reaching a win win situation,” he added.
Recall that CBN, around May 2024, issued new operational guidelines for BDCs, effective June 3, 2024, directing all existing BDCs to reapply for new licences.
BDCs with Tier 1 licence were expected to have a capital base of N2 billion, while those with Tier 2 licence needed N500 million, with a non-refundable licence fee of N5 million and N2 million respectively.
Both Tier 1 and Tier 2 BDCs were given six months to meet the minimum capital requirement for the licence category applied for.
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