The Central Bank of Nigeria (CBN) has granted a six-month extension to Bureau De Change (BDC) operators to recapitalise their businesses, moving the deadline from December 2024 to June 3, 2025.

ABCON President Aminu Gwadebe announced the extension during a virtual general meeting with over 220 CBN-licensed BDC operators and stakeholders on Monday. The extension comes after the CBN issued new operational guidelines in May, requiring existing BDCs to re-apply for licences under two tiers with specific capital requirements.

Under the new guidelines, Tier 1 BDCs must maintain a capital base of N2 billion, while Tier 2 BDCs need N500 million. Non-refundable licence fees are set at N5 million and N2 million for Tier 1 and Tier 2 respectively.

Gwadebe emphasised the CBN's willingness to partner with BDCs to ensure a smooth recapitalisation process. "We are sending a message of unity, collaboration, and opportunities to ABCON members," he stated. The extension applies to existing BDC operators, with new operators having an indefinite timeline to obtain licences.

The new regulations also expand BDCs' operational capabilities, allowing them to acquire foreign currency from various sources, sell foreign exchange, open foreign currency and naira accounts with commercial banks, and collaborate to issue prepaid debit cards.​​​​​​​​​​​​​​​​