BDCs to CBN: Increase minimum capital to N350m

The Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to increase the minimum capital requirement of forex traders to do business from the present N35 million to N350 million ($454,888).

The association also recommended a merger for its members in a bid to boost their capacity to handle diaspora remittances or any other funds sent from abroad and channel the foreign exchange to shops and small businesses.

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The president of ABCON, Aminu Gwadabe, in a conversation with Nairametrics, confirmed the development saying that it was part of the moves to build up the capacity of their operations and possibly reduce the number of operators.

Aminu said the association asked for consolidation to enable  BDCs to merge to reduce proliferation and increase capacity.