CBN Denies Extension of BDC Recapitalisation Deadline

The Central Bank of Nigeria (CBN) has firmly denied recent reports suggesting that it extended the deadline for Bureau De Change (BDC) operators to meet new capital requirements.

In an official statement issued on Wednesday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, described the claims of a new December 31, 2025 deadline as “false” and “misleading.”

The bank reiterated that the original deadline of June 3, 2025 remains unchanged. It urged members of the public, stakeholders, and the media to verify any regulatory updates through official CBN platforms, including its website and verified social media handles.

The recapitalisation policy, introduced in February 2024, requires all BDCs to meet higher capital thresholds in accordance with their licensing tier. Operators with national licences, classified under Tier 1, must raise their minimum capital to ₦2 billion, while those with state-level Tier 2 licences are expected to meet a minimum capital requirement of ₦500 million.

Despite the regulatory clarity, concerns have emerged within the industry. The Association of Bureau De Change Operators of Nigeria (ABCON) warned that the new policy could lead to widespread closures, as fewer than 10 percent of its members have met the recapitalisation criteria. ABCON President, Dr. Aminu Gwadabe, noted that the failure of many BDCs to comply could put up to three million jobs at risk.

Meanwhile, the CBN reaffirmed its commitment to promoting transparency and ensuring the stability of Nigeria’s foreign exchange market. It also stated its readiness to continue working with stakeholders to ensure full compliance with the new capital framework.