Gladness Gideon
The Central Bank of Nigeria (CBN) has refuted claims suggesting an extension of the deadline for Bureau De Change (BDC) operators to meet new capital requirements, maintaining that the June 3, 2025, deadline remains unchanged.
In a statement released on Wednesday, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, described reports of a deadline shift to December 31, 2025, as false and misleading. She urged the public and all stakeholders to disregard the circulating information.
“There has been no extension of the recapitalisation deadline for BDC operators beyond June 3, 2025,” she stated, reaffirming the CBN’s commitment to transparency and regulatory clarity.
Mrs. Sidi Ali further advised journalists, media organisations, and the public to rely solely on official sources—such as the CBN’s website and verified communication channels—for accurate updates on regulatory policies and directives.
The recapitalisation mandate is part of a broader effort introduced by the apex bank in February 2024 to reform Nigeria’s foreign exchange landscape.
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According to the revised operational guidelines, Tier-1 BDCs must raise their capital base to ₦2 billion, while Tier-2 operators are required to meet a minimum of ₦500 million.
The CBN stated that the recapitalisation programme is aimed at enhancing the effectiveness, transparency, and accountability of the BDC sub-sector and aligns with ongoing efforts to stabilise the naira and foster greater confidence in the formal foreign exchange market.
It warned that failure to comply with the new capital thresholds within the stipulated timeframe would result in the revocation of operating licences.
The apex bank reaffirmed its commitment to engaging stakeholders in the financial services industry and emphasized that it will continue to implement policies that promote financial system stability and integrity.