The Central Bank of Nigeria (CBN) has dismissed a widely circulated report claiming an extension of the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025.
In a statement released by the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank described the report as “false and misleading,” urging the public to disregard the misinformation.
“The bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025,” she stated.
The CBN emphasized that all BDC operators must adhere strictly to the original recapitalisation deadline to maintain compliance with the regulatory framework introduced earlier in the year.
Verify From Official Sources — CBN
Mrs. Sidi Ali called on the general public, media outlets, journalists, and other stakeholders to confirm the authenticity of news about the Bank’s policies and regulatory directives through official CBN sources, including the Bank’s website and authorized communication platforms.
“The CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” she noted.
Revised BDC Recapitalisation Guidelines
As part of the updated guidelines announced in February 2024, the Central Bank introduced new minimum capital requirements for BDC operators:
- ₦2 billion for Tier-One BDC operators
- ₦500 million for Tier-Two BDC operators
These measures are aimed at strengthening the financial base of BDCs and enhancing regulatory oversight in Nigeria’s foreign exchange (forex) market.
