The Association of Bureaux De Change of Nigeria (ABCON) says the Central Bank of Nigeria (CBN) has extended the deadline for operators to recapitalise by six months.
Aminu Gwadebe, ABCON president, spoke during a virtual general meeting with members on Monday.
Gwadebe said with the extension, the new deadline for the recapitalisation would be June 3, 2025.
On May 22, the CBN released the approved guidelines for bureau de change (BDC) operations in the country.
The apex bank raised the capital requirement for tier-1 BDC operators from N35 million to N2 billion, while tier-2 operators were mandated to have a capital base of N500 million.
The approved guidelines, made after consulting with stakeholders in the sector, were expected to take effect from June 3.
Gwadabe had said the increase in the requirement for BDCs was “against international best practices”.
Speaking at the meeting on Monday, Gwadebe said the CBN decided to extend the deadline by six months due to the low level of compliance with the new capital requirements by BDC operators.
He also expressed gratitude to the regulator for granting the extension, assuring members that the bank is committed to working closely with them to ensure the process is as seamless as possible.
“The CBN is willing to partner with BDCs to ensure that the recapitalisation process is seamless,” the ABCON president said.
“We are sending a message of unity, collaboration, and opportunities to ABCON members to continue striving to meet the new capital requirements.
“We thank the CBN for listening and giving us this six-month extension.”
Gwadabe said the deadline for the recapitalisation applies to existing BDCs, while new operators seeking licences have an indefinite timeline to obtain them.
“I want us to brace up and see the opportunities in the recapitalisation, which are immeasurable. There are great opportunities,” he added.
The ABCON boss also said CBN regulation empowers BDCs to acquire foreign currency from diverse sources, sell foreign exchange, and open foreign currency and naira accounts with commercial or non-interest banks as well as collaborate with its bankers to issue prepaid debit cards.