The Central Bank of Nigeria (CBN) has firmly denied reports suggesting an extension of the recapitalisation deadline for Bureau De Change (BDC) operators to December 31, 2025.
In a statement issued on Wednesday, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, clarified that the official deadline remains June 3, 2025, as earlier announced in February 2024.
“There has been no extension of the recapitalisation deadline for BDC operators beyond June 3, 2025,” Ali stated, urging the public to disregard false and misleading reports.
She advised journalists, financial operators, and the public to refer only to official CBN sources—including the bank’s website and verified communication platforms—for accurate updates on its regulatory policies and directives.
CBN Recapitalisation Requirements for BDCs:
- Under the revised regulatory framework:
- Tier-1 BDCs must meet a ₦2 billion minimum capital requirement.
- Tier-2 BDCs must meet a ₦500 million minimum capital requirement.
The recapitalisation policy is part of the CBN’s broader agenda to strengthen Nigeria’s foreign exchange market, enhance regulatory compliance, and boost transparency within the sector.
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“The CBN remains committed to promoting transparency, ensuring compliance, and safeguarding the integrity of the foreign exchange market,” the statement added.
What This Means for BDC Operators
BDC operators who fail to meet the new capital requirements by June 3, 2025, risk losing their operating licenses. The recapitalisation push is a key component of the CBN’s efforts to:
- Stabilize the naira.
- Reposition the FX ecosystem for greater efficiency.
- Restore public and investor confidence in the formal forex market.
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