The Central Bank of Nigeria (CBN) setting a June 3, 2025 deadline for the recapitalisation of Bureau De Change (BDC) operators, anxiety is mounting across the foreign exchange market, as many operators scramble to meet the new capital benchmarks.
According to an investigative report by Daily Sun, only about 5% of licensed BDCs have so far met the minimum capital thresholds required under the CBN’s revised regulatory framework.
This was confirmed by Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), who raised concern over the low compliance rate among members.
“Many of our members are still struggling to meet the new capital requirements,” Gwadabe said. “Only a small percentage have complied, and there’s no indication the CBN will grant another extension.”
The regulatory move is aimed at sanitising the BDC sector and ensuring only financially sound players remain in the market. While smaller operators risk being pushed out of the system, the CBN has left the door open for mergers and acquisitions, encouraging weaker firms to consolidate in order to meet the recapitalisation targets.
Analysts say the recapitalisation drive, though necessary, may lead to short-term market disruptions, especially in the parallel forex market, where BDCs play a key role in price discovery and liquidity.
The CBN has maintained its stance on enforcing regulatory discipline in the financial sector, with the BDC space being a major focus in its broader efforts to stabilise the naira and curb currency speculation.
