• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, June 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

BDC Operators Decry Over 1,328% Increase In New Capital Requirement

...Say plan against global standard

by Bukola Aro-Lambo
1 year ago
in Business
BDC
Share on WhatsAppShare on FacebookShare on XTelegram

Bureau De Change (BDC) operators in the country have decried the sharp increase in their minimum capital requirement from N35 million to N500 million by the Central Bank of Nigeria (CBN), saying it is against global standard.

Advertisement

This represents an increase of over 1,328 per cent for the Tier 1 capital requirement alone.

President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, who made this known, called for a review of the CBN’s directive for BDC operators to increase their capital base.

“You increased the capital from N10 million to N35 million in 2014 and now you are raising the capital base of a BDCs from N35 million to N500 million for Tier 2 operators and N2 billion for Tier 1 operators
It’s highly against global standards,” Gwadabe said.

He said this at the 8th edition of the Vanguard Economic Summit, themed: ‘Reforms In The Era of Global Economic Uncertainties: Whither Nigeria?’ on Thursday, May 23, in Lagos.
The CBN recently reviewed minimum capital requirements for Tier 1 BDC operators to N2 billion while for Tier 2 BDC operators is N500 million.

RELATED

Bitget Hosts Blockchain Education Day To Foster Web3 Awareness Growth

Bitget Hosts Blockchain Education Day To Foster Web3 Awareness Growth

4 hours ago
2025 Budget: Outcry As Agency Appropriates N6bn On Frivolities

2025 Budget: Outcry As Agency Appropriates N6bn On Frivolities

5 hours ago

Yesterday the apex bank directed that BDC’s are required to meet the minimum capital requirements for the licence category applied for six months starting June 3.
He said that compared to other countries the new capital is really high.

“The UK BDC operator licence is 50,000 pounds converting at N2,000 you are talking of N100 million,”

“In Uganda, the capitalisation of BDC is $13,000. In India, it’s $67,000, so regulators should look at global standards,” Gwadabe said.

Director of risk CBN, Blaise Ijebor, representing Olayemi Cardoso said that CBN’s directive is in line with their efforts to ensure BDCs focus on its initial vision of performing smaller transactions.

“One of the things we want to do is make BDCs focus on the original conceived vision, which is to provide that market structure for people who need to do small small transactions and do not need to go to the banks to do those transactions,” he said.

He said to regulate an industry, people who are regulated need to have enough strength to respond to that transaction.

“So we need BDC to come together to form bodies, that way regulation is not too extensive for them. They can receive regulation, apply to regulation, and everything will work better for everybody,” he said.

“And that is why we are increasing the capital so that they have enough money to invest in that infrastructure to provide this kind of service, or to full regulation,” Blaise said.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


Tags: BDC
SendShareTweetShare
Previous Post

Equities Sustain Bearish Sentiment By N85bn Loss

Next Post

70 Winners Emerge From Stanbic IBTC Bank’s Saving April Draw

Bukola Aro-Lambo

Bukola Aro-Lambo

You May Like

Bitget Hosts Blockchain Education Day To Foster Web3 Awareness Growth
Business

Bitget Hosts Blockchain Education Day To Foster Web3 Awareness Growth

2025/06/07
2025 Budget: Outcry As Agency Appropriates N6bn On Frivolities
Business

2025 Budget: Outcry As Agency Appropriates N6bn On Frivolities

2025/06/07
FCCPC To Prosecute PoS Operators Over Service Price Fixing
Business

FCCPC Sets Up Committee For Anti-counterfeit Portal

2025/06/07
Asharami Energy Commits To Local Capacity Devt, Sustainable Growth
Business

Asharami Energy Commits To Local Capacity Devt, Sustainable Growth

2025/06/07
BPP, CIPS Strengthen Partnership On Procurement Practice, Sign MoU
Business

BPP, CIPS Strengthen Partnership On Procurement Practice, Sign MoU

2025/06/07
Centre Partners Niger Delta Varsity On Marine Training
Business

Centre Partners Niger Delta Varsity On Marine Training

2025/06/07
Leadership Conference advertisement

LATEST

Civil War Was For Unity, Not Hatred — Gowon

Nnamdi Kanu Is Prisoner Of Conscience — IPOB

Justice Uwais: Nigeria Lost Statesman Of Unimpeachable Character, Say Northern Senators

Eid-el-Kabir: CAN Preaches Unity, Support For Flood Victims

Taraba Rep Tafida Bags ‘Best Legislator 2025’ Award

Why We Established ‘Discoverer Nigeria’ News Platform — Editor

Lawmaker Orgainses Training For Rice Farmers In Kebbi

Bauchi Govt, Tertiary Institutions Sign MoU On New Salary Structure

Kwara Man Takes ‘Colo’, Jumps Into Well After Returning From Eid Prayer, Dies

Osimhen Accepts Al Hilal Offer, Agrees Personal Terms With Saudi Club

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.