The Central bank of Nigeria, CBN, has approved the extension date of Bureau de Change, BDCs recapitalisation by six months. This is according to BDCs operators in the country, under the aegis of Association of Bureau De Change of Nigeria, ABCN.
The apex bank had in June this year issued a guideline to BDCs operators in the country to recapitalise within six months.
The Yemi Cardoso-led CBN directed Tier one and Tier two BDCs to raise their working capital to N2 billion and N500 million, respectively. The deadline expires next month.
Ahead the deadline,ABCON President, Aminu Gwadebe, said the apex bank has approved their request that the deadline be shifted to next year.
Gwadabe revealed this in a statement after a virtual general meeting with members on Monday, saying this is to ensure that the recapitalisation process is ‘seamless’.
The ABCON president urge members to see the “opportunity” in the recapitalisation which he described as ‘immeasurable.
In a statement Gwadebe noted that some BDCs have started complying with the CBN directive on recapitalisation.
He added that the apex bank has also approved a six-month extension for all BDCs to recapitalise their operations with the deadline moved from December 2024 to June 2025.
According to Gwadabe, “The CBN is willing to partner with BDCs to ensure that the recapitalisation process is seamless. We are sending a message of unity, collaboration, and opportunities to ABCON members to continue to strive to ensure they meet the new capital requirements. We thank the CBN for listening and giving us a six-month extension.
“I want us to brace up and see the opportunities in the recapitalisation, which are immeasurable. There are great opportunities.”
The CBN had in a document titled ‘Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria’, six months ago directed BDCs operators to apply for new licenses and recapitalise.
The release noted, “All existing BDCs shall re-apply for a new licence according to any of the Tiers or licence category of their choice as provided in the Guidelines,
“All existing BDC’s shall meet the minimum capital requirements for the licence category applied for within six (6) months from the effective date of the guidelines,” it said.
“This Guidelines supersedes the Revised Operational Guidelines for Bureau DeChange in Nigeria issued in November 2015 and all related circulars.”
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