The development comes after the CBN raised the minimum capital requirements for BDC operators in May 2024—₦2 billion for Tier 1 licences and ₦500 million for Tier 2—up from the previous ₦35 million.
About 1,500 Bureau De Change (BDC) operators face shutdown after failing to meet the Central Bank of Nigeria’s (CBN) June 3 recapitalization deadline, which raised minimum capital requirements to ₦2 billion (Tier 1) and ₦500 million (Tier 2). Despite a six-month extension, most operators couldn’t comply, risking over three million jobs tied to the sector. The Association of Bureau De Change Operators (ABCON) has pleaded for another extension, but the CBN insists the policy will enhance transparency and curb financial crimes.
“We urge the CBN to reconsider to prevent massive job losses,” said ABCON President Dr. Aminu Gwadabe. The CBN maintains “the deadline stands to align with global anti-money laundering standards.”
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