ABCON Begs CBN For Self-regulatory Status To Sanction Erring Operators

The Association of Bureau De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to grant the association self-regulatory status to enable it sanction non-compliant Bureau De Change (BDC) operators.

Aminu Gwadabe, president of ABCON made this appeal in a statement on Saturday.

Gwadabe said the self-regulatory status will also aid the forward guidance of its members and boost compliance with regulatory guidelines.

He also called on the CBN to adopt the operators’ IT platforms to entrench a tech-driven industry and boost transparency in market operations.

Gwadabe asked the apex bank to lower the capital requirement for BDC recapitalisation to ensure that more operators can meet the financial threshold.

He said meeting the capital base requirement remains a challenge for BDC operators.

On February 23, 2024, the CBN increased the minimum capital requirement for tier-1 BDCs to N2 billion and for tier-2 BDCs to N500 million.

The apex bank raised the minimum capital requirement from the previously set N35 million, which applied to all BDCs before the new regulation.