The Central Bank of Nigeria (CBN) has dismissed reports suggesting an extension of the recapitalisation deadline for Bureau De Change (BDC) operators to December 31, 2025.
In a statement on Wednesday, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, described the claims as “false and misleading,” reaffirming that the original deadline of June 3, 2025, remains in effect.
The statement read: *“The Central Bank of Nigeria has not granted any extension beyond the previously communicated deadline of June 3, 2025. Stakeholders are advised to disregard any contrary information.”*
The apex bank urged the public and media outlets to verify policy updates through its official channels to avoid misinformation.
OBSERVERS TIMES recalled that :
– The CBN introduced stricter capital requirements in February 2024, mandating N2 billion for Tier-1 BDCs and N500 million for Tier-2 operators.
– The Association of Bureau De Change Operators of Nigeria (ABCON) had earlier acknowledged the June 3 deadline but expressed concerns over compliance, with less than 5% of members reportedly meeting the new requirements.
– BDC operators had previously appealed for a review of the capital thresholds, citing international standards and operational challenges.
– The CBN had earlier granted a six-month extension in November the initial deadline to June 2025.
The bank reiterated its commitment to ensuring transparency and stability in the foreign exchange market while enforcing regulatory compliance.
