As the Central Bank of Nigeria’s (CBN) June 3, 2025 recapitalisation deadline for Bureau De Change (BDC) operators draws near, tension is mounting in the foreign currency market.
Findings by Daily Sun indicate that many BDCs are racing against time to comply with the stringent new capital requirements introduced by the apex bank.
This comes as the President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, disclosed at the weekend that only about 5 per cent of licensed operators have so far been able to comply with the new minimum capital thresholds set by the CBN.
The situation, by implication, means that fringe players will be edged out as the apex bank is not looking in the direction of a further recapitalisation extension.
On the flip side, doors are open for mergers and acquisition since the CBN is insistent on sanitising the BDC space by tactically weeding out those who fall below its recapitalisation threshold.
