The Central Bank of Nigeria (CBN) will be extending the recapitalisation deadline for Bureau De Change (BDC) operators from December 3, 2024 to June 3, 2025.
The Association of Bureaux De Change of Nigeria (ABCON) President, Aminu Gwadabe, broke the news yesterday during an emergency virtual general meeting organised by ABCON for its members.
He said the apex bank decided to extend the deadline by six months following low level of compliance in raising new capital by BDC operators.
The operators in attendance include over 220 CBN-licenced BDCs, ABCON Council members, and other stakeholders.
The meeting aligns with the group’s continuous engagements with the CBN to ensure seamless recapitalization process.
Gwadabe said: “The CBN is willing to partner with BDCs to ensure that the recapitalisation 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.”
