History and background information on ABCON
Association of Bureau De Change Operators of Nigeria (ABCON) is the official body set up by the Central Bank of Nigeria to oversee the activities of Bureau de Change operators across Nigeria. The Bureau de change business in Nigeria is principally regulated by the Central Bank of Nigeria (CBN). ABCON consistently works with CBN to develop regulatory policies for naira-dollar exchange.
Notably, the CBN has publications commonly known as circulars and pronouncements which impact the activities of this ABCON body.
Functions of ABCON
- Provide access to foreign exchange to small-scale end-users
- Serve as tools to the CBN for the management of exchange rates
- Assist in the fight against illegal financial activities
- Facilitate economic activities
- Provide economic data for policy decisions
- A partnership between BDCs and renowned companies engaged in inward and outward money transfers in Nigeria
Registration Procedure: How to get registered under Abcon
All process to get registered by ABCON is directed by the Central Bank of Nigeria.
- The minimum capital requirement for the operation of BDCs in Nigeria is set at N35million
- A non-refundable N100,000 Application/processing fee. This is paid to facilitate paper works. This is accompanied by a licensing fee of N1million and an annual renewal fee of N250,000.
- After Interim Approval, you have to incorporate your company with CAC with a share capital of N10m.
- After this, you have joined the Association of Bureau De Change Operators of Nigeria (ABCON)i. An approval letter from the Association is mandatory before you can get your final approval.
- Inspectors will be directed to inspect the building location of your business.
- Once approved you have to leave a mandatory deposit of N500,000 with the Central Bank of Nigeria (CBN), this deposit gets a yearly interest.
- This process makes the business eligible to buy the dollar from the CBN at specific marketable prices
NB: Ownership of multiple Bureau de change outlets is not permissible, and would be punishable if detected.
Top 5 places where you can find bureau de change in Nigeria
All states in Nigeria have several Bureau de change outlets. The list of these outlets can be found on the CBN bureau de change list. The locations below make up the places with the highest amount of Bureau de Change operators
- Lagos airport
- Abuja airport
- Port Harcourt