There are indications that about 3,600 bureau de change operators might lose their registration as the deadline for recapitalisation given by the Central Bank of Nigeria (CBN) elapsed yesterday, Daily Trust can report.
This is just as the Association of Bureau De Change Operators of Nigeria (ABCON) confirmed that the CBN’s June 3 recapitalisation deadline for Bureau De Change (BDC) operators remains sacrosanct.
This means that over 3,600 operators might lose their registration, going by the revelation by the ABCON President, Aminu Gwadabe, that only about 10 per cent of the 4,000 registered members have complied.
Gwadabe spoke in an interview with the News Agency of Nigeria in Lagos after a stakeholders meeting with CBN. It would be recalled that the CBN in May 2024 issued new operational guidelines for BDCs, effective June 3, 2024, directing all existing BDCs to reapply for new licences.
BDCs with Tier 1 licence were expected to have a capital base of N2 billion while those with Tier 2 licence needed N500 million, with non-refundable licence fees of N5 million and N2 million respectively.
