The Central Bank of Nigeria (CBN) has debunked claims suggesting it has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.
The apex bank said the official deadline remains June 3, 2025, as previously announced.
A statement issued yesterday by the Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, described the circulating report as false and misleading, urging members of the public to disregard it.
She advised the public, journalists, media organisations, and other stakeholders to rely only on official CBN sources—including the Bank’s website and verified communication channels—for accurate information regarding its regulatory policies and directives.
“There has been no extension of the recapitalisation deadline for BDC operators beyond June 3, 2025,” she said.
The recapitalisation programme is part of the regulatory measures introduced by the CBN in February 2024, which seek to strengthen the operations of BDCs in Nigeria’s foreign exchange market. Under the revised guidelines, Tier-1 BDCs are expected to meet a minimum capital requirement of ₦2 billion, while Tier-2 operators must raise at least ₦500 million.
The CBN said it will continue to maintain open communication with stakeholders in the financial sector and remains committed to promoting transparency, ensuring compliance, and safeguarding the integrity of the foreign exchange market.
The recapitalisation framework is one of several regulatory initiatives aimed at repositioning the foreign exchange ecosystem for greater efficiency and accountability. It also aligns with broader efforts by the CBN to stabilise the naira and attract confidence in the formal FX market.
Stakeholders in the BDC sector are expected to comply with the capital requirements within the stipulated timeframe or risk losing their operating licences.
