The Central Bank of Nigeria (CBN) has denied reports circulating in the media claiming that the deadline for Bureau De Change (BDC) operators to recapitalise has been extended to December 31, 2025.
In a statement released Wednesday, Mrs. Hakama Sidi-Ali, Acting Director of the CBN’s Corporate Communications Department, described the claims as “false” and “misleading.” She reaffirmed that the deadline remains June 3, 2025, as originally announced.
“The Central Bank of Nigeria has debunked the circulating news suggesting an extension of the BDC recapitalisation deadline to December 31, 2025,” the statement said.
“No extension beyond the June 3, 2025 deadline has been granted.”
The CBN urged the public, media outlets, and stakeholders to verify all information related to its policies through official channels, including the bank’s website.
This clarification comes as the CBN enforces its new regulatory framework for BDCs, introduced in February 2024, which requires operators to meet increased capital requirements:
Tier-1 BDCs: N2 billion minimum capital
Tier-2 BDCs: N500 million minimum capital
The bank emphasized its commitment to maintaining stability and transparency in Nigeria’s foreign exchange market by ensuring compliance with these regulations.
Previously, the Association of Bureau De Change Operators of Nigeria (ABCON) warned that failure to meet the new capital thresholds could threaten the livelihoods of about three million Nigerians. According to ABCON President Aminu Gwadebe, fewer than 10% of members have met the recapitalisation requirements.
