The Association of Bureaux De Change Operators of Nigeria (ABCON), at the weekend, called on the Central Bank of Nigeria (CBN) to review downwards, the huge capital requirement for Bureaux de Change (BDCs) recapitalisation, saying meeting the capital base remains big challenge for majority of operators.
The new CBN guidelines for the sector also requires all Tier-1 BDCs to raise N2 billion minimum capital to remain in business, while Tier-2 BDCs are to raise N500 million minimum capital.
The Tier-1 BDCs will operate nationally, while the Tier-2 BDCs can only operate in one state within the Federation. The operators have June 3rd deadline to comply.
In his comments on recapitalisation of BDCs, ABCON President, Aminu Gwadabe, called on the apex bank to grant ABCON self regulatory status to aid forward guidance of its members.
According to him, the current naira rally at both official and parallel markets, showed that over the weekend, it exchanged officially at N1,485.95/$, one of its strongest position in seven months.
The naira equally rallied to N1,610 to dollar at the parallel market.
