Some Bureau de Change operators are still struggling to meet the Central Bank of Nigeria's (CBN) new N2 billion recapitalization requirement even though they had an extension to do so in December.

According to experts, the development shows danger for the naira, which is already facing renewed volatility in the new year.

Aminu Gwadabe, the President of the Association of Bureau de Change Operators of Nigeria (ABCON), shared the operators' challenges.

The apex bank, in 2024, issued new guidelines for operating the Bureau de Change (BDC) in Nigeria, including two new license categories with different capital bases.

The new CBN rule requires tier-1 BDC operators to have a minimum capital of N2 billion, pay N1 million as a non-refundable application fee, and N5 million as a non-refundable license fee.

CBN stated that tier-2 operators would need a minimum capital requirement of N500 million, a non-refundable application fee of N0.25 million, and a non-refundable license fee of N2 million.

Reports showed that the apex bank extended the deadline for the operators to recapitalise in December 2024, giving them six months, ending in June this year.