استمتع بـUnlimited مع Magzter GOLD
احصل على وصول غير محدود إلى أكثر من 9000 مجلة وصحيفة وقصة مميزة مقابل
يحاول ذهب - حر
95% of BDCs Face Closure as CBN's Recapitalization Deadline Nears
The BusinessNG
|The Business NG
With less than a month to the June 3, 2025, recapitalization deadline, more than 95% of Bureau De Change (BDC) operators in Nigeria risk closure as the Central Bank of Nigeria (CBN) prepares to enforce its new capital requirements.
-
The Association of Bureau De Change Operators of Nigeria (ABCON) has raised alarm over the low compliance level, warning of an industry-wide shakeout.
The CBN's revised guidelines—announced in May 2024—require BDCs seeking Tier-1 licenses to raise their minimum capital base from N35 million to N2 billion. Tier-2 operators, who are limited to operations within a single state, must meet a new threshold of N500 million. The policy, backed by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020, aims to sanitize the sector and strengthen regulatory oversight of Nigeria's fragmented foreign exchange market.
Despite a six-month extension granted last November, ABCON says only a fraction of its members—fewer than 5%—have complied. The vast majority now face imminent expulsion from the forex market.
هذه القصة من طبعة The BusinessNG من The Business NG.
اشترك في Magzter GOLD للوصول إلى آلاف القصص المتميزة المنسقة، وأكثر من 9000 مجلة وصحيفة.
هل أنت مشترك بالفعل؟ تسجيل الدخول
المزيد من القصص من The Business NG
The Business NG
14 Banks Scale CBN Capital Test
Fourteen Nigerian banks have already met the Central Bank of Nigeria's (CBN) new capital requirements, marking a major step in the ongoing recapitalisation exercise.
1 min
The BusinessNG
The Business NG
Natasha Returns to Senate, Says No Apology
Senator Natasha Akpoti-Uduaghan has gone back to the National Assembly after completing a six-month suspension.
1 min
The BusinessNG
The Business NG
Nigeria's GDP Grows 4.23% on Oil Rebound
Nigeria’s economy expanded by 4.23% year-on-year in the second quarter of 2025, driven by higher crude oil output and a stronger non-oil sector, according to data released by the National Bureau of Statistics (NBS). The figure surpasses the 3.48% growth recorded in Q2 2024.
1 min
The BusinessNG
The Business NG
Parents Cry Out as Private Schools Hike Fees Nationwide
Parents in Enugu, Lagos, Abuja, and Port Harcourt are raising alarm over steep tuition hikes by private and faith-based schools, with fees rising by as much as 50% this new academic session.
1 min
The BusinessNG
The Business NG
Tax Reform: How Nigerians' Income May Be Affected in Jan. 2026
Nigerians will soon face a new tax system starting January 1, 2026, aimed at making taxes fairer while encouraging investments and savings.
1 min
The BusinessNG
The Business NG
'CBN May Cut MPR as Inflation Eases, Naira Stabilizes'
The Central Bank of Nigeria (CBN) is expected to trim its benchmark Monetary Policy Rate (MPR) by 25 to 50 basis points at its 302nd Monetary Policy Committee (MPC) meeting scheduled for September 22-23, 2025, as inflation eases and the naira stabilizes.
1 min
The BusinessNG
The Business NG
FG Unveils Key Education Reforms Under Tinubu Administration
The presidency has outlined a series of reforms aimed at revitalizing Nigeria's education sector under President Bola Ahmed Tinubu’s administration.
1 min
The BusinessNG
The Business NG
Calls for State Police Intensify as Reps Seek to Boost Nigeria's Security
The demand for state police in Nigeria has intensified, with the Deputy Speaker of the House of Representatives, Benjamin Kalu, describing it as a critical solution to the country's escalating insecurity challenges.
1 min
The BusinessNG
The Business NG
Nigerian Stocks Outpace Inflation with 38% Gain
Nigeria's stock market has continued its impressive rally in 2025, delivering real positive returns for investors as inflation eases.
1 min
The BusinessNG
The Business NG
Banks Push Back as AMCON Levy Hits N847bn
Calls Grow to Scrap AMCON After 15 Years
1 min
The BusinessNG
Listen
Translate
Change font size