Some Bureau De Change operators are still struggling to meet the fresh N2bn recapitalisation threshold of the Central Bank of Nigeria despite the extension they received in December.
The President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, disclosed this in an exclusive chat with The PUNCH on Saturday.
In a circular issued in May 2024, the CBN released fresh guidelines for the operations of the Bureau De Change in Nigeria, which include two new categories of licenses with different capital bases.
According to the new rules, BDCs in the Tier 1 category would be required to have a minimum capital requirement of N2bn, pay N1m as a non-refundable application fee, and N5m as a non-refundable license fee.
The apex bank disclosed that Tier 2 BDCs would be required to have a minimum capital base of N500m, N0.25m as a non-refundable application fee, and N2m as a non-refundable license fee.
In December, ABCON revealed that the CBN has extended the deadline for BDC operators to recapitalise by six months, indicating that the new deadline was now June 3, 2025.
