CBN denies extending BDC recapitalisation deadline

The Central Bank of Nigeria (CBN) has dismissed media reports claiming it has extended the deadline for Bureau De Change (BDC) operators to meet new capital requirements until 31 December.

In a statement issued on Wednesday, the bank described the reports as “false” and “misleading,” insisting that the official deadline remains 3 June.

“The Central Bank of Nigeria has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change operators to December 31, 2025,” said the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.

“The bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.”

The CBN urged the public, media organisations, and concerned Nigerians to verify information through its official communication channels, including its website.

This clarification comes amid rising anxiety within the parallel market, following the CBN’s February 2024 directive that all BDC operators must meet higher capital requirements as part of sweeping regulatory reforms.

Under the new rules, Tier-1 BDCs are required to raise a minimum capital of N2 billion, while Tier-2 operators must provide N500 million. Operators must also reapply for licences, with non-refundable fees set at N5 million for Tier-1 and N2 million for Tier-2.

Although the bank initially gave a six-month window for compliance, it later granted an additional six months, bringing the total compliance period to one year, ending 3 June.

The recapitalisation policy is part of the bank’s efforts to clean up the foreign exchange market and curb illicit flows contributing to exchange rate volatility.

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However, the Association of Bureau De Change Operators of Nigeria (ABCON) has warned of job losses if the new capital requirements force operators out of business.

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ABCON President Aminu Gwadebe recently told The PUNCH that less than 10 per cent of its members have met the new capital threshold directed by the CBN and claimed as many as three million Nigerians could be affected.

Despite the concerns, the CBN has maintained its position.

“The Bank remains committed to ensuring the stability and transparency of the foreign exchange market while continuing to engage stakeholders for a seamless implementation of the ongoing reforms,” the statement added.