The Central Bank of Nigeria (CBN) has extended the recapitalisation deadline for Bureau de Change (BDC) operators by an additional six months. The decision, announced by the Association of Bureau De Change Operators of Nigeria (ABCON), provides BDCs with more time to meet the new capital requirements set by the apex bank.
Initially slated for December 2024, the recapitalisation deadline will now fall in June 2025, granting operators relief amid challenging economic conditions and exchange rate volatility.
Increased Capital Requirement
The CBN had earlier mandated a significant increase in the minimum capital base for BDC operators as part of its reforms to strengthen the foreign exchange market. The policy aims to enhance the capacity of BDCs to manage forex transactions effectively while curbing market abuses and speculative trading.

Under the new guidelines, operators are required to meet a higher threshold, which many BDCs have described as demanding given the prevailing economic climate.
ABCON’s Role in Securing Extension
ABCON President Aminu Gwadabe welcomed the extension, stating that it demonstrates the CBN’s understanding of the difficulties faced by BDC operators. “This extension will allow our members to comply with the new requirements without undue financial strain,” Gwadabe said.
He added that ABCON would continue to engage with the CBN and stakeholders to ensure a smooth transition and uphold the integrity of the forex market.
Implications for the Forex Market
The recapitalisation exercise is part of broader efforts by the CBN to stabilize the naira and improve transparency in the foreign exchange market. By raising the capital base, the central bank aims to ensure that only well-capitalized and professionally run BDCs remain in operation, reducing the risk of malpractice.
Analysts believe the extension will provide breathing room for smaller operators to meet compliance requirements, thereby preserving jobs and maintaining competition in the sector. However, they also caution that stricter monitoring will be necessary to prevent any misuse of the extended timeline.
BDC Operators’ Challenges
BDC operators have faced multiple challenges in recent years, including restricted access to official forex allocations and the impact of naira devaluation. Many operators have had to rely on the parallel market, exposing them to fluctuating rates and heightened regulatory scrutiny.
“The recapitalisation move is a welcome development for the sector, but it must be accompanied by policies that support operators’ access to forex and stabilize market conditions,” said financial analyst Chijioke Eze.
Path Forward
As the June 2025 deadline approaches, BDC operators are expected to intensify efforts to raise the required capital through mergers, acquisitions, or new investments. ABCON has urged members to use the extension wisely and ensure full compliance with CBN guidelines.
The recapitalisation process, while challenging, is seen as a critical step towards strengthening the forex market and promoting long-term stability in Nigeria’s economy.
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