Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Association of Bureau De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to extend the deadline for the mandatory recapitalisation of Bureau De Change (BDC) operators.

The apex bank had set June 3 for BDCs to meet its capital requirements or face revocation of their licence.

Speaking to Legit.ng, Aminu Gwadabe, President of ABCON, urged the CBN to reassess licensing requirements to prevent widespread job losses and economic disruptions.

He said:

"First, we want to congratulate the Governor of the Central Bank, Mr. Yemi Cardoso, on being named the African Central Bank Governor of the Year and for his collaborative approach to diversity in leadership.

"The atmosphere among licensed bank operators was indeed very tense and challenging.

"As the deadline closed yesterday, barring any further extension from the CBN, many of our members have been left vulnerable to license revocation."

Gwadabe revealed that BDC operators have been under intense pressure leading up to the deadline and are scared of losing their license.

He stressed that the revocation of licenses for the majority of BDC operators and lead to the loss of millions of direct and indirect jobs.

It is reported that there are about 3 million jobs now at risk if the CBN revokes licences.

The president added:

"The atmosphere among licensed bank operators was indeed tense and difficult in the days leading up to the deadline.

"As the deadline closed yesterday unless the CBN considers an extension many of our members are now at risk of having their licenses revoked.

"Unofficial sources estimate that fewer than 10% of our over 1,617 licensed Bureau de Change members were able to meet the new requirements, putting millions of direct and indirect jobs at risk.

"The unintended consequences and negative impacts include market disruptions, a rise in unregulated operators, fewer reporting entities for transactions, and a significant loss of market intelligence."

The CBN’s new policy mandates a minimum share capital of N500 million for tier 1 BDCs and N2 billion for tier 2 operators, in addition to strict IT infrastructure and reporting standards.

ABCON has described these requirements as “a bank model imposed on small retail players,” and “untenable under current market realities.”

He added:

“My message to the CBN is that as a proactive organisation, diversity in collaboration is that they should be realistic with market realities and capabilities.

The role of the CBN is to roll out policy measures, ours as operators is to cast doubt.

"The requirement of N500 million and N2 billion minimum share capital is no doubt a toil order and untenable.

"The requirement for IT infrastructures and integration is enormous. The entire model appeared to be a bank model imposed on the small retail end BDCs players.

We sincerely appeal to the CBN to still consider an extension to enable a considerable number of our members to be included to avoid losing their core competence, skills and knowledge.

:We should avoid giving priority to monetary requirements but reporting requirements, more especially as we navigate to exit the FATF Grey list with the assessors coming in September this year."

Legit.ng previously reported that the Central Bank of Nigeria (CBN) has reduced the Nigeria Customs Service (NCS) foreign exchange (FX) rate for import duties.

According to data from Nigeria's trade portal observed on Wednesday, June 4, 2025, the dollar exchange rate for import duty has dropped to N1,578.77.

The Customs rate is pegged against the performance of the naira in the official window against the dollar

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Source: Legit.ng