The Central Bank of Nigeria (CBN) has extended the deadline for Bureaux De Change (BDC) operators to meet their recapitalisation requirements by six months. The new deadline is now June 3, 2025, according to the Association of Bureaux De Change of Nigeria (ABCON).

ABCON President Aminu Gwadebe announced the extension during a virtual general meeting with members on Monday. The extension follows the CBN’s issuance of new operational guidelines in May, which required BDC operators to reapply for new licences under two categories—Tier 1 and Tier 2—and meet the stipulated capital requirements.

Under the guidelines, Tier 1 BDCs must maintain a capital base of ₦2 billion and pay a non-refundable licence fee of ₦5 million, while Tier 2 BDCs need ₦500 million in capital and a ₦2 million licence fee.

Gwadebe noted that some operators had already begun complying with the new requirements and thanked the CBN for the deadline extension.

“The CBN is willing to partner with BDCs to ensure that the recapitalisation process is seamless,” he said. “We are sending a message of unity, collaboration, and opportunities to ABCON members to strive to meet the new capital requirements. This extension is a testament to the CBN’s willingness to listen and support operators.”

The extended timeline applies to existing BDC operators, while new applicants have an indefinite timeline to secure their licences. Gwadebe encouraged members to view the recapitalisation as an opportunity, emphasizing the benefits it could bring to the sector.

CBN regulations allow BDC operators to acquire foreign currency from diverse sources, sell forex, open accounts in foreign and local currencies, and collaborate with banks to issue prepaid debit cards.

The meeting was attended by over 220 CBN-licensed BDCs, ABCON Council members, and other stakeholders, underscoring the sector’s commitment to aligning with the new guidelines and fostering growth.