In a significant development for the Bureau De Change (BDC) sector, the Central Bank of Nigeria (CBN) has announced an extension of the recapitalisation deadline for BDC operators to December 31, 2025. This decision follows the expiration of the second deadline set by the CBN on June 3, 2025.
Originally, the CBN had established a deadline of December 3, 2024, for BDC operators to comply with new capital requirements. However, recognizing the challenges faced by operators, the deadline was subsequently extended by six months to June 3, 2025, to provide additional time for compliance.
Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), has previously highlighted that the current level of compliance among BDC operators remains alarmingly low, indicating a need for further support and guidance as the industry navigates these new regulations.
The new recapitalisation regime, introduced by the CBN in February 2024, established a two-tier structure for BDCs. Under this framework, Tier-1 BDCs are required to raise a minimum capital of N2 billion to continue operations, while Tier-2 BDCs must secure at least N500 million. Tier-1 BDCs will be licensed to operate nationwide, enjoying a broader operational scope, whereas Tier-2 operators will be limited to a single state of operation.
The extension of the recapitalisation deadline is expected to give BDC operators the necessary time to meet these requirements, ultimately contributing to a more robust and compliant BDC sector in Nigeria.
