- BDCs are pushing for mergers in order to strengthen their business model
- They also want the CBN to increase the capital requirement from N35 million naira to N350 million
- This is coming as the FX changes introduced by the CBN failed to win back international investors who earlier left the Nigerian market
The Association of Bureau de Change Operators of Nigeria (ABCON) is trying to get its members to enter into mergers.
According to a document provided by Aminu Gwadabe, the association’s president, this would mean that the minimum capital requirement for dealers to conduct business would rise from the current N35 million to N350 million as contained in a request to the Central Bank of Nigeria.
