Besides, the association urged the CBN to reduce the new minimum capital base for the sub-sector to N15 million from N35 million.
“We also recommend that the mandatory caution deposit should be eliminated as there is no justification for such.
“BDCs are not deposit taking organisations; we operate on cash and carry basis.
It said that if CBN left the mandatory caution deposit at N35 million, it would force many of the BDC operators into liquidation.
The statement said the new requirements for BDC operations could empower few operators in the sub-sector, adding that ABCON also rejected the decision of the apex bank to limit the weekly dollar sale to BDCs.
It said that the association appreciated the recent amendments on the requirement and other achievable reforms in the sub-sector.
The CBN extended the deadline to July 31 from July 15 within which BDC operators must comply. (NAN)