Operators of Bureau De Change (BDC) businesses in Nigeria have praised the Central Bank of Nigeria (CBN) for waiving their 2025 license renewal fees. The announcement was made by the Association of Bureau De Change Operators of Nigeria (ABCON), with its president, Dr. Aminu Gwadabe, expressing gratitude for the relief measure.
Speaking to journalists in Lagos, Gwadabe described the waiver as a form of amnesty that would ease financial pressure on BDC operators. He noted that the CBN’s move aligns with its plans to implement new capital requirements for BDCs, which include a minimum capital of N500 million for Tier 2 operators and N2 billion for Tier 1 operators.
Gwadabe encouraged BDC operators to merge and meet the new capital requirements ahead of the extended deadline in June 2025. He assured that ABCON members are committed to following regulatory guidelines and working closely with the CBN.
He also commended the CBN for introducing the Nigeria Foreign Exchange (FX) Code, which aims to promote transparency and ethical practices in the FX market. According to him, the code will help tackle issues such as price manipulation, delays in reporting transactions, and unfair competition among market participants.
However, Gwadabe raised concerns over banks’ failure to comply with the CBN’s directive to sell foreign currency to BDC operators since September 2024. He noted that despite the positive impact of the directive, many banks have not adhered to it, which has affected liquidity in the FX market.
The CBN officially announced the waiver on Tuesday in Abuja, stating that it applies to all existing BDC operators and takes effect immediately. The directive was outlined in a circular aimed at implementing the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.
Gwadabe emphasized that ABCON plays a crucial role in the foreign exchange market as a self-regulatory body that ensures its members operate transparently and efficiently. He reiterated the association’s commitment to maintaining compliance and supporting the smooth functioning of the FX market in collaboration with regulatory authorities.