{"id":119420,"date":"2024-05-24T09:42:01","date_gmt":"2024-05-24T08:42:01","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon"},"modified":"2024-05-24T11:53:33","modified_gmt":"2024-05-24T10:53:33","slug":"forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon","title":{"rendered":"Forex crisis: Why CBN should review recapitalization requirement for BDCs \u2013 ABCON"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Association of Bureau De Change Operators has faulted the Central Bank of Nigeria\u2019s fresh recapitalization requirements for its members amid the foreign exchange crisis.<\/p>\n

ABCON president, Aminu Gwadabe disclosed this on Thursday at the 8th edition of the Vanguard Economic Summit.<\/p>\n

Recall that the CBN announced a fresh guideline for BDC operators in Nigeria on Wednesday.<\/p>\n

The apex bank ordered all BDC operators to re-apply for licenses, increasing the minimum capital requirement for tier-1 and tier licenses to N2 billion and N500 billion, respectively.<\/p>\n

However, Gwandabe has called for a review of the CBN\u2019s directive for BDC operators to increase their capital base, saying it is against global standards.<\/p>\n

\u201cYou increased the capital from N10 million to N35 million in 2014, and now you are raising the capital base of BDCs from N35 million to N500 million for Tier 2 operators and N2 billion. It\u2019s highly against the global standard,\u201d Gwadabe said.<\/p>\n

The developments came as the Naira depreciated on Thursday at both parallel and official forex markets after four days of appreciation.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Association of Bureau De Change Operators has faulted the Central Bank of Nigeria\u2019s fresh recapitalization requirements for its members amid the foreign exchange crisis. ABCON president, Aminu Gwadabe disclosed this on Thursday at the 8th edition of the Vanguard Economic Summit. Recall that the CBN announced a fresh guideline for BDC […]<\/p>\n","protected":false},"author":84,"featured_media":119419,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[11527,1570,2140,5837,503,12608,254],"class_list":["post-119420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-abcon","tag-africa-press","tag-africa-press-nigeria-2","tag-bdcs","tag-cbn","tag-forex-crisis","tag-nigeria"],"yoast_head":"\nForex crisis: Why CBN should review recapitalization requirement for BDCs \u2013 ABCON - Nigeria<\/title>\n<meta name=\"description\" content=\"The Association of Bureau De Change Operators has faulted the Central Bank of Nigeria\u2019s fresh recapitalization requireme ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forex crisis: Why CBN should review recapitalization requirement for BDCs \u2013 ABCON\" \/>\n<meta property=\"og:description\" content=\"The Association of Bureau De Change Operators has faulted the Central Bank of Nigeria\u2019s fresh recapitalization requireme ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-24T08:42:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-24T10:53:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/05\/sm_1716531525.181264.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Forex crisis: Why CBN should review recapitalization requirement for BDCs \u2013 ABCON\",\"datePublished\":\"2024-05-24T08:42:01+00:00\",\"dateModified\":\"2024-05-24T10:53:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon\"},\"wordCount\":198,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/05\/sm_1716531525.181264.jpg\",\"keywords\":[\"ABCON\",\"Africa Press\",\"Africa Press-Nigeria\",\"BDCs\",\"CBN\",\"forex crisis\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/forex-crisis-why-cbn-should-review-recapitalization-requirement-for-bdcs-abcon\",\"name\":\"Forex crisis: Why CBN should review recapitalization requirement for BDCs \u2013 ABCON - 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